Housing starts decline for third straight month

Washington

HOUSING starts declined 1.6 per cent to a 1.03 million annualised rate in November for a third consecutive month, continuing a slow recovery in the housing market.

The figure fell from a 1.05 million pace in October that was stronger than previously estimated, figures from the Commerce Department showed on Tuesday in Washington. The last time starts exceeded one million for three months straight was in early 2008.

The decrease in starts was focused in the South as other areas showed gains, and building permits also decreased last month, a sign housing will remain in a plodding recovery into 2015. Continued job gains and lower mortgage rates will probably support dema…