Housing Starts Soften As Expected in May

Nationwide housing starts and building permits stalled in May following the expiration of the federal home buyer tax credit program, according to the U.S. Commerce Department. New-home production declined 10 percent to a seasonally adjusted annual rate of 593,000 units, the slowest pace since December 2009, while permit issuance slowed 5.9 percent to a rate of 574,000 units, its slowest pace since May 2009.

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