Building permits in September 2010 were 539,000, down 5.6% from August and down 10.9% from September 2009. Housing starts were 610,000, up 0.3% from last month and up 4.1% from one year ago.
This news isn't as important as it would have been if the Fed intended to continue a slow money growth posture. However, since Fed QE2 will turn this around. The decline in permits is a result of the current slow money growth environment, and is not indicative of a future trend.
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