Providing the latest evidence of the ongoing downturn in the nation’s housing market, the U.S. Commerce Department reported that new-home starts declined 3.3 percent to a seasonally adjusted annual rate of 975,000 units in May. This was the lowest total starts number since March of 1991. Single-family starts declined 1 percent to a rate of 674,000 units, their lowest since January of 1991.
“Builders are doing the right thing by slowing new production in view of the very weak demand in
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