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According to a report from the Commerce Department, housing starts fell 4.3% in December to a seasonally adjusted annual rate of 529,000 units. This marks the lowest level since October 2009 and the second-worst year on record. Economists had expected a reading of 555K, from 550K the month prior.
The fall was largely due to a 9% decline in single-family housing starts in December. The number of new building permits however, increased by 16.7%.
The data is yet another sign that the U.S. housing market continues to struggle.
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