Housing Starts Fall as Builders Work Down Inventories

- Housing Starts for November fell to 1187K versus estimates of 1176K and 1232K in October.

- Building Permits for November fell to 1152K versus estimates of 1150K and 1170K in October.

BOTTOM LINE: Housing starts in the US dropped in November and permits for future construction fell to a 14-year low, Bloomberg reported. Starts fell 16% in the Northeast, 6.9% in the West and 1.5% in the Midwest. Starts rose .3% in the South. New home construction will continue to be a drag on overall growth over the intermediate-term as homebuilders work down inventories.