Housing Starts Decline 3.7%
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The housing market, in its deepest rut since the early 1990s, showed little sign of stabilization in November, and economists expect conditions to worsen in the near term.
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A 14.3 percent decline in new building suggests the worst may not be over in the residential market.
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The steep slump in housing intensified at the end of last year, pushing home construction down by the biggest amount in nearly three decades.
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Property prices are falling at rates not seen since the 1990s housing recession, warn surveyors.
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The prolonged slump in housing pushed new home construction in 2007 down by the largest amount in 27 years with the expectation that the downturn has further to go.
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US mortgage applications fell 6.3 percent last week, the biggest decline in more than a month, as fewer people filed to buy a home or refinance.
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Housing starts plunged in January to the slowest pace in more than nine years as the latest government reading on the battered housing market came in much weaker than forecasts.
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The economy grew at a 0.7 percent annual rate in the first three months of this year, the weakest in more than four years.
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U.S. mortgage applications fell last  week, weighed down by a plunge in demand for home refinancing  as interest rates reached seven-month highs, an industry group  said on Wednesday.
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Housing starts fell 3.7 percent in  November, with construction of single-family homes sliding to  the lowest level in more than 16 years as builders scrambled to  cope with a deep drop in sales.
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Sales of new homes dropped to the slowest pace in over seven years, foreshadowing further economic trouble ahead.
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WASHINGTON -- Housing construction plunged in August, falling to the lowest level in more than three years as the industry showed further signs of a dramatic slowdown.
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Sales of new homes plunged last month to their lowest level in more than 12 years, a grim testament to the problems plaguing the housing sector.
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Quarterly figures show that house prices have fallen in Scotland for the first time in seven years.
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Mortgage lending has declined by a quarter since last year, according to new figures, providing further evidence of a slowdown in the housing market.
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U.S. housing starts plunged to a   more than three-year low in August, while falling new vehicle   costs kept producer prices unexpectedly weak, the government   said on Tuesday, bolstering views the economy is cooling.
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U.S. construction spending fell a sharper-than-expected 1 percent last month as home building posted a seventh straight drop, according to a government report on Friday that underscored the weakness in the U.S. housing market.