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Housing Starts Show December Declines

The Commerce Department released data this morning showing December housing starts at a seasonally adjusted annual rate of 557,000, down 4.0% from the upwardly revised November figure. For the full year, an estimated 553,800 housing units were started. That's 38.8% below the 2008 figure of 905,500, and the lowest figure since the government began keeping track in 1959. Single-family starts for the full year were measured at 443,500, down 28.7% from 2008, and also the lowest mark on record.  01/20 HCN