Nationwide housing production fell 10.6 percent to a seasonally adjusted annual rate of 529,000 units in October, the U.S. Commerce Department reported.

But the NAHB is expecting an upturn, thanks to recent stimulus actions by Congress.

Single-family housing starts declined 6.8 percent in October to a seasonally adjusted annual rate of 476,000 units, the slowest pace since May of this year. Meanwhile, multifamily housing starts fell by a dramatic 34.6 percent to a seasonally adjusted annual rate of just 53,000 units - the slowest pace on record, according to the NAHB.

The association also said that combined starts activity fell across the board in October, with the Northeast posting an 18.8 percent decline, the Midwest a 10.6 percent decline, the South a 9.6 percent decline and the West an 8.5 percent decline, respectively.