Building Permits Sky Rocket as Housing Starts Fall Back to earth

From Ben Rooney at CNNMoney: Housing starts fall, but permits soar

Government data showed Wednesday home construction fell in December, while the number of building permits issued in the month rose.

New home construction fell to an annual rate of 557,000 during the month, down 4% from the revised November rate of 580,000.

Starts were up 0.25 versus the 556,000 rate in December 2008.

The new home construction decline was led by a 6.9% drop in single family activity.

"While starts registered another weak month, they remain within a range that has held fro more than a year, said Adam York, an economist at Wells Fargo

The number of building permits rose 10.9 % to a seasonally adjusted annual rate of 653,000, from 589,000 in November.