WASHINGTON - Housing starts declined to a seasonally adjusted annual rate of 1.771 million units in November, according to figures released by the U.S. Department of Commerce. This was 13.1 percent below October's upwardly revised estimate of 2.039 million units and 13.8 percent below the November 2003 rate. The National Association of Home Builders (NAHB) attributed the decline to unusually wet weather across much of the country last month and the Federal Reserve's continuing campaign of monetary tightening.
"Builders are trying to stay in sync with housing demand," said Bobby Rayburn, president of the NAHB. "There still is plenty of traffic in the sales offices, but they are also keeping an eye on what Federal Reserve Chairman Alan Greenspan is doing with short-term interest rates."