Housing Starts Fall to 12-Year Low

WASHINGTON -  Housing starts fell to the lowest level in 12 years in August, with starts down 19.1% in August compared to a year ago.

The Commerce Department reported Wednesday that housing starts fell 2.6% in August to a seasonally adjusted annual rate of 1.331 million units as the downswing in the housing market continued.

Starts of new single-family homes were down 7.1% for the month to a seasonally adjusted annual rate of 988,000 units. The August pace for single-family construction was 27.1% below a year earlier.

Source: U.S. Commerce Department