Housing Starts Drop 14.3% As Builders Manage Inventories of Unsold Homes

Total housing starts declined 14.3 percent in January as builders worked down their inventories of unsold homes, according to figures released by the Commerce Department. The pace of construction for the month slowed to seasonally adjusted annual rate of 1.408 million units. This was 37.8 percent below the January 2006 pace.

“Builders are doing what they should be doing in the market today,” said Brian Catalde, president of the National Association of Home Builders (NAHB) and a home b

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