WASHINGTON - Housing starts dropped to 519,000 at a seasonally adjusted annual rate as building permits edged higher to 550,000, the Commerce Department reported today.
Housing starts fell to the lowest level since the record low of April 2009. Starts dropped in the South and the West regions. Starts in September were revised lower to 588,000 from 610,000 reported last month.
Building permits increased to 550,000, their highest level since August. September building permits were revised higher to 547,000 from 539,000.
Economists expected 600,000 housing starts and 570,000 building permits, according to the median estimate from Thomson Reuters.
Building permits fell 4.5% in October from a year ago. Housing starts are down 1.9% from October 2009.
