Housing starts and permits tumble in May
New home construction hits lowest in five months as tax credit ends
WASHINGTON - U.S. housing starts fell more than expected in May to their lowest level in five months, a government report showed on Wednesday, as a popular homebuyer tax credit that had buoyed construction activity over the past two months expired.
The Commerce Department said housing starts dropped 10 percent to a seasonally adjusted annual rate of 593,000 units, the lowest level since December. The percentage decline was the biggest in 14 months. April's housing starts were revised down to show a 3.9 percent increase, which was previously reported as a 5.8 percent rise.
Analysts polled by Reuters had expected housing starts to fall to 650,000 units. Compared to May last year, starts were up 7.8 percent.
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2 comments:
why would anyone be surprised that new homes aren't being built. There is a glut of inventory out there already.
What differance does it make if they build new homes or not, the damn builders(most) hire illegals at a fraction of the cost and get crap for quality, so what differance does it make to people who have built homes for years. Shame on all of you builders that use illegals, shame on you.
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