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| Permits and Starts Continue to Fall and Are Close to Prior Downturn Lows |
| Written by Jonathan Smoke | |
| 04.16.2008 | |
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Discuss this article on the forums. (0 posts) The Commerce Department reported March permits and starts today. The story is essentially the same as in March when February permits and starts were reported. Total permits were down 5.8% over February’s upwardly revised numbers. Total starts were down 5.7%. Of more significance in most areas are the single unit numbers. Seasonally adjusted single unit permits were down 6.2%. Seasonally adjusted single unit starts were down 6.7%. As you can see from the chart, on a seasonally adjusted basis we are close to the bottom in permits and starts that were reached in 1991. We are also close to the lowest level of starts since 1980, which was in January 1982. Single family permits would need to fall another 30% to reach the lows last seen in 1982. 
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