Housing Starts Fall in August
The National Association of Home Builders reports that "Housing starts fell 2.6 percent in August to a seasonally adjusted annual rate of 1.331 million units as the downswing in the housing market continued, according to figures released by the Commerce Department today. Starts were down 19.1 percent from a year earlier, falling to the lowest level in 12 years."
Further, "Starts of new single-family homes were down 7.1 percent for the month to a seasonally adjusted annual rate of 988,000 units. The August pace for single-family construction was 27.1 percent below a year earlier."
This decline mirrors what is happening in the resale market, in our opinion.
To read more: August housing starts