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U.S. Housing Starts Unexpectedly Drop to Five-Month Low
Builders began work on fewer homes than forecast in March, signaling a sustained industry recovery will take time to get underway. Housing starts dropped 5.8 percent to a 654,000 annual rate, less than the lowest estimate of economists surveyed by Bloomberg News and the least since October, Commerce Department figures showed today in Washington. The slump was led by the volatile multifamily category, which at the same time showed a jump in permits, a proxy for future construction. While warmer weather may have spurred home construction at the beginning of 2012, a competing supply of cheap existing properties may be ... (full story)
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