The Commerce Department reported(.pdf) that housing starts plunged 22.5 percent last month, down from an annual rate of 618,000 in January to just 479,000 in February, a level just 2,000 above the record low seen in early-2009 during the financial market crisis.
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Permits for new construction also fell, down 8.2 percent from a rate of 563,000 to a new all-time low of 517,000, as the nation’s homebuilders continue to be challenged by weak demand, tighter lending standards, and a glut of unsold homes due to a new wave of foreclosures after last year’s “robo-signing” fiasco that temporarily stemmed the flow.
This post was republished with permission from The Mess That Greenspan Made.
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