Market Update: Housing Starts Fall 11% in October

October’s housing starts report showed an 11 percent drop in new home construction nationally. Permits for single family construction rose 2.4 percent. Quicken Loans Vice President Bill Banfield offers the following comments on the report:

“I wouldn’t look too much into October’s dip in housing starts, as we continue to remain above 1 million units. We should focus on the positives, such as the rise in building permits. Ups and downs aside, we continue to feel optimistic about the sustainability of the housing market.”

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