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October home starts fall more than forecast

11% decline to 1.06 million annualised rate from revised 1.19 million pace the prior month is slowest since March

The drop in home starts last month was primarily due to a 25.1 per cent slump in work on multifamily homes, the biggest drop since August 2014.


NEW-HOME building declined more than projected in October, led by a slump in apartment construction and showing fitful progress in residential real estate.

Residential starts dropped 11 per cent to a 1.06 million annualised rate, the slowest since March, from a revised 1...