Credit, Economy and Financial News from TruckingFactor.com

Housing Starts Disappoint

The Commerce Department said housing starts plunged 10.8% in March, following a big jump in February, spoiling hopes that the housing market was stabilizing. Starts fell to a seasonally adjusted annual rate of 510,000 units, the second lowest on records dating back to 1959. Starts in the West region, which has been hammered by the housing slump, fell 26.3% to a record low annual rate of 73,000. In addition, building permits, an indicator of future home construction, dropped 9% to 513,000 units.

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Date Last Updated: 04/22/2009