Starts of new homes in the United States dropped by 2.1% to a seasonally adjusted annual pace of 1.47 million in May, the softest pace of groundbreaking since January, the Commerce Department reported. Meanwhile, building permits rose 3% to a 1.50 million pace as authorizations for new apartment buildings and condo projects surged.
Permits for single-family homes dropped to a 10-year low.
Economists said the mixed data showed that the nation's housing market has a ways to go yet in wringing out its excesses.
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Source: Market Watch
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