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DENVER-Developers pulled 42% fewer permits for multifamily rental units in the first half of this year than they did during the six months of last year, shows the latest report by the Home Builders Association of Metropolitan Denver. The HBA report, which surveys about 35 counties and cities in the Denver metropolitan area, shows developers pulled 1,959 permits in the first half of the year, compared with 3,370 last year.

In June 2002, permit activity fell by 36.48% from June 2001 with 648 permits being pulled compared with 1,020 last year. The drop is widely applauded by those in the industry.

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