Housing Starts Fall 2.1 Percent In May

Housing starts fell 2.1 percent in May to a seasonally adjusted annual rate of 1.474 million units as the correction in the housing market continued, according to figures released by the Commerce Department. Starts were down 24.2 percent from a year earlier.

“Builders still are cutting back on new production as they work down their inventories in the face of slack home buyer demand,” said Brian Catalde, president of the National Association of Home Builders (NAHB) and a home builder f

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