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New Housing Starts Drop 1.3 Percent in October

Tuesday, November 20, 2001 - 8:00AM

Starts of new housing dropped by 1.3 percent in October to a seasonally adjusted rated of 1.55 million units, the Commerce Department reported yesterday. Reflecting the recent economic downturn, single-family housing starts dropped 1.2 percent and multifamily housing starts fell 1.6 percent. The National Association of Home Builders (NAHB) last week announced, however, the building industry has started to rebound. NAHB’s monthly Housing Market Index (HMI) rose two points this month, after recording its single largest monthly drop of nine points in October.

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