"Construction starts on housing fell 4.5 percent in October, less than economists forecast, to an annual rate of 791,000 that was the lowest since records began in 1959, the Commerce Department said in Washington.  Building permits, a sign of future residential projects, dropped 12 percent to a 708,000 pace, the lowest since at least 1960," reports Bloomberg News here. Government housing data release here.

"Builders mired in a three-year housing slump are finding it hard to attract buyers as property values drop and banks tighten lending standards. Declines in construction spending remain a drag on economic growth, increasing chances of a prolonged recession."