New home construction dropped 4.5 percent in October 2008 compared to September, falling to the lowest level since 1959 when the government first began keeping records, according to a report released by the Commerce Department.
In addition, applications for building permits, a sign of future construction activity, fell 12 percent in October, settling at 708,00 units annually, the weakest point on record.
The last time new home construction was at a similar low point was in January 1991 when the country was in a recession.
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