New housing permits and starts fell to a historic low, according to the Commerce Department. Housing permits dropped 15% from October to November, 2008, and housing starts slid 19% for the same period. Permits were at the lowest level since 1975, and new housing starts at the lowest level since 1959.
Financial Title Co. shut its doors across California, as directed by its parent Mercury Cos. of Colorado. Mercury closed all of its offices in Arizona, California, Nevada and Oregon.
Fidelity National backed out of buying troubled LandAmerica in November, forcing LandAmerica into Chapter 11 and to put its two primary underwriting subsidiaries up for sale. By December, the Justice Department approved Fidelity's takeover of those underwriting subsidiaries which, when completed, will make Fidelity the largest title company in the country.
The Bureau of Labor Statistics estimated 82,000 construction jobs were lost nationwide in November over October 2008. The BLS said construction jobs fell by 780,000 since a peak in September of 2006.
