Following historically strong housing production in September, builders slowed the rate at which they began new homes and apartments by 11.4 percent to a still-healthy seasonally adjusted annual rate of 1.6 million units in October, according to Commerce Department figures. But the rate at which new permits were issued continued to move upward, paving the way for stronger housing production in coming months.

“It would be a big mistake to equate today's report with some kind of ‘bubble’ effect,” said Gary Garczynski, president of the National Association of Home Builders (NAHB) and a builder/developer from Woodbridge, Va. “Builders simply took a breather after a feverish pace of activity in September. While the drop-off was more than expected, single-family housing production remained above the third quarter's robust 1.34 million-unit pace. Moreover, Commerce's report on housing permits sets the stage for increased production in the months ahead.”

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