State housing starts decline in October
Housing construction in California dropped sharply last month, led by a steep decline in single-family homes.
In October, the number of permits declined 29% to 10,520 compared with a year ago, the California Building Industry Assn. said. Builders are backing off constructing new homes until they can sell existing inventories.
That prompted a 47% plunge in single-family permits, the trade group said. Permits for apartments and condominium complexes fared slightly better, falling 28%. In Los Angeles County, however, multifamily permits rose 53%.
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