Residential permits down in November

Permits for new residential buildings declined 74 percent in November 2008 compared to November 2007, to 63 permits. The number of units authorized by those permits dropped 48 percent, to 1,235 units, according to data from the U.S. Census Bureau. Nationwide, housing starts in November were at their lowest level since 1959, when the government began collecting data. Until financing increases, economists said, the number of permits will probably remain low.