The U.S. Census Bureau reported that privately owned housing starts plummeted in February to a seasonally adjusted annual rate of 479,000, 22.5% below the revised January estimate of 618,000 and 20.8% percent below the February 2010 rate of 605,000. Single-family housing starts dropped 11.8% in February to 375,000, 11.8 percent below the revised January figure of 425,000. The February rate for units in buildings with five units or more was 96,000.
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