Market Updates
Home Starts, Permits Plunge; Lennar, Pulte Drop
123jump.com Staff
19 Nov, 2008
New York City
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U.S. home starts, completions and permits in October fell as tight credit and weak demand kept buyers away. Building permits dropped 40%, home starts plunged 38% and completions dropped 26% from a year ago. Single family homes starts declined 3.3% from September to 531,000 annual rate.
[R]10:00AM New York – Home builders fell after October home starts, completions and permits plunged to a new low.[/R]
Housing starts, permits and completions plunged in October month as tight credit and weak demand drove more buyers away.
Building permits for homes and apartment buildings in the month dropped 12% in the month seasonally adjusted rate of 708,000 from the revised September rate of 805,000, a decline of 40.1% from a year ago.
Privately owned homes starts in October dropped 4.5% seasonally adjusted annual rate of 791,000 from September and declined 38% from a year ago rate of 1.25 million. Single family housing starts declined to the annual rate of 531,000, a decline of 3.3% from September.
Privately owned housing completion in the month dropped 10.2% from September to 1.04 million or declined 25.6% from a year ago. Single family home completions in October declined to a rate of 760,000, down 7.7% from September.
Home builders fell after the release of October data. DR Horton ((DHI)) dropped 25 cents to $5.31, Lennar ((LEN)) declined 29 cents to $5.59 and Toll Brothers ((TOL)) fell 60 cents to $16.76. Lennar declined to 10-year low and DR Horton hovered near eight-year low. Pulte Homes ((PHM)) declined 23 cents to $8.87, 8-year low.
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