Housing Market Continues Suffering, Starts Fall 22.5% in Feb.

Housing starts in the U.S. fell more than expected last month, dropping to the slowest pace since April 2009, while building permits fell to a new low, signaling that the housing market recovery continue to lag the rest of the economic recovery.

The Commerce Department reported Wednesday that beginning home construction decreased 22.5 percent in February to an annual rate of 479,000, the largest drop since March 1984.

The result was far below the economist estimate of a 566,000 annual rate.

The reading for building permits fell 8.2 percent to 517,000, as foreclosures have driven the cost of homes down and increased inventories.

Permits dropped 28 percent in the Northeast and 14 percent in the West, both all-time records.

Single-family home construction fell 12 percent to 375,000, while multifamily construction plummeted 46 percent.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• VivoPower plans separate listing for 2.2GW non-Nordic AI platform
• Canada’s inflation rises to 3% on higher gasoline prices
• Natural Gas Inventory 36 bcf vs 31 bcf Expected