Real Estate Journal | Softer Housing Sector Is Seen,But Data Don't Point to Collapse
Softer Housing Sector Is Seen,But Data Don't Point to Collapse
By Christopher Conkey and Michael Corkery From The Wall Street Journal Online
U.S. home builders stepped up the pace of new construction in May after three months of declines, a sign that the housing market is softening but not collapsing.
The Commerce Department said housing starts rose 5% last month from April to an annual rate of 1.96 million units, but were down 3.8% from a year earlier. Building permits, an indicator of future trends in new residential construction, fell 2.1% last month and were running 8.5% lower than a year earlier.
By Christopher Conkey and Michael Corkery From The Wall Street Journal Online
U.S. home builders stepped up the pace of new construction in May after three months of declines, a sign that the housing market is softening but not collapsing.
The Commerce Department said housing starts rose 5% last month from April to an annual rate of 1.96 million units, but were down 3.8% from a year earlier. Building permits, an indicator of future trends in new residential construction, fell 2.1% last month and were running 8.5% lower than a year earlier.
posted by Patrick Leblanc at 10:54 AM
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