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Total starts leap 17.2% to seasonally adjusted level of 532,000; permits also rise.
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But single-family starts and permits both show small gains.
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Meeting the demands of buyers who need to move in immediately has pluses and minuses in a down market.
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Economist David Crowe projects 490,000 starts this year and 649,000 starts in 2010.
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Trade group's prediction assumes just 432,000 housing starts this year.
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Pace of 357,000 units beats analysts’ expectations, who remind builders that high inventories of homes for-sale remain a supply problem.
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Builders are pulling half the number of permits they were a year ago.
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Association repeats its opposition to mortgage cramdowns and advocates for expanding housing tax credit to all buyers.
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Continued weakness in residential construction activity suggests housing still has farther to fall.
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NAHB panel says economic pain is impacting apartment construction; forecast for 2009 multifamily starts cut by half.
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NAHB’s Crowe estimates that builders will sell just 420,000 new homes this year.
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This past year saw unprecedented government intervention, the end of Kimball Hill Homes, falling starts, and growing financial difficulties for the nation's home builders.
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Newport: ‘This may be the worst housing report ever.’
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Level of new residential construction at or below lowest ever recorded.
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By 2011, starts could fall to around 125,000 units—numbers not seen since 1993.
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The dip in new-home starts, according to government estimates, is the lowest for any month in 17 years.
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Single-family building permits drop 5.2% compared to previous month.
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A change in New York City construction codes leads to total starts and permits increases, but single-family numbers are still decreasing.
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Overall May housing construction numbers also trend downward.
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Gloomy news from Fitch Housing Conference