Housing Starts Tumble 4.8% in May

The U.S. Census Bureau reported that privately-owned housing starts in May were at a seasonally adjusted annual rate of 708,000, 4.8 percent below the revised April estimate of 744,000, but 28.5% above the May 2011 rate of 551,000. Single-family housing starts in May were at a rate of 516,000, 3.2% percent above the revised April figure of 500,000. The May rate for units in buildings with five units or more was 179,000.

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