Housing starts were bad in September, but just wait until October's data is released

Housing starts dropped 6.3% in September to a seasonally adjusted annual rate of 817,000 — the second lowest level of all time just behind the rate in September 1991, the Commerce Department said today.

October could be the record-breaking month because that’s when the Wall Street meltdown really got going. Expect the October report to show a severe drop in home starts.

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