Nationwide new home starts rose 6.7 percent last month, rebounding from an October decline, according to statistics recently released by the U.S. Census Bureau and the Department of Housing and Urban Development.
US housing starts came in at an annual pace of 1.588 million units, compared to 1.488 million in October. November starts were down 25.5 percent from the November 2005 pace of 2.131 million units.
Building Permits, an indicator of builder confidence, fell 3 percent to an annual pace of 1.506 million units, from a 1.553 million pace in October. 1.506 million units represent the slowest pace since December 1997.
Building permit applications were down 31.3 percent from the same time one year ago.