Dive summary:

• U.S. housing starts in November fell back 3.0% from their October pace, but builders pulled 3.6% more permits – almost all of the increase to an annualized, seasonally adjusted rate of 899,000 coming in the multifamily sector while the single-family rate was flat.
• Building starts were down 4.1% for single-family homes and 1.0% for multifamily homes to a seasonally adjusted rate of 861,000 per year, but the National Association of Home Builders was unrattled and noted that 2012 still should finish with a 25% increase over 2011.
• The organization's chief economist, Chief Economist David Crowe, said the decrease "reflects a readjustment to a more sustainable level of production following significant gains in the previous two months."

From the article:

"Many builders have reported improving conditions in their local housing markets and are increasingly optimistic about the spring buying season, but they are being very careful not to get ahead of demand," said NAHB Chairman Barry Rutenberg, who is a home builder in Gainesville, Fla. ...