Housing Starts and Building Permit statistics for October were released today and showed an 11.7% drop from September.
Privately-owned housing starts in October 2010 were at a seasonally adjusted annual rate of 519,000. This is 11.7 percent below the revised September 2010 estimate of 588,000.
Most of the housing starts decline was multi-units of 5 or more, which dropped from 141,000 to 74,000, or 47.5%, in a month. Single family only dropped 1.1%.
On Building permits, newly issued:
Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 550,000. This is 0.5 percent (±3.0%)* above the revised September rate of 547,000, but is 4.5 percent (±3.1%) below the October 2009 estimate of 576,000.
Single-family authorizations in October were at a rate of 406,000; this is 1.0 percent (±1.3%)* above the revised September figure of 402,000. Authorizations of units in buildings with five units or more were at a rate of 121,000 in October.
We also are getting multiple predictions that housing prices will drop another 10% into 2011. This one from S&P:
Standard & Poor's analysts believe home prices will drop between 7% and 10% through 2011, erasing any improvements prices have recently made.