Valley housing permits drop

Tuesday, Nov. 23, 2004 | 10:35 a.m.

Las Vegas Valley housing permits declined in October by 45 percent over the previous month, Home Builders Research Inc. reported this week.

There were 1,379 permits purchased in October compared with 2,517 in September, the research group reported. That's compared with a 24 percent decline during the same time period a year ago.

Dennis Smith, president of Home Builders Research said October's decline was larger than expected but said a drop in permits is often because of a seasonal drop in demand for new homes. He also said the increase in existing home inventory, causing more competition for homebuilders, could be another reason for the larger than expected drop.

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