Indicating a continuing free-fall in the housing market, production of new single-family homes and permit issuance declined by double digits in December, falling to their lowest levels on record for the month, according to U.S. Commerce Department figures. In addition, total starts and single-family starts fell to record annual lows in 2008.

Total housing starts posted a 15.5 percent decline to 550,000 units in December, an all-time low. Meanwhile, starts of new single-family homes posted their eighth straight monthly decline, falling to an all-time low of 398,000 units. This was down 13.5 percent from the previous monthly low in November. Multifamily starts fell 20.4 percent in December to an annual rate of 152,000.

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