US housing starts hover near 50-year lows

| March 16, 2011 | 0 Comments
US housing starts hover near 50-year lows

The Commerce Department has today revealed a decline in US housing starts for the month of February.

According to the Commerce Department, construction of new US homes dived 22.5% on a monthly basis in February to a seasonally adjusted annual rate of 479,000 units.

This represented the second lowest level since records began in 1959 and way below forecasts of 560,000.

On an annual basis, meanwhile, housing starts were down 20.8%.

In the meantime, applications for building permits, a barometer of future home construction, fell 20.5% on an annual basis.

Demand for houses in the US remains weak with potential buyers struggling to obtain mortgages.

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