May
19

Housing Starts Drop on Apartments, Condominiums

By
– Bloomberg

Builders broke ground on the fewest homes on record in April as a plunge in condominiums and apartment buildings overwhelmed the second straight gain in starts on single-family dwellings.

Housing starts unexpectedly slid 13 percent to an annual rate of 458,000, led by a 46 percent tumble in multifamily starts, which tend to be more volatile, Commerce Department figures showed in Washington. Building permits, a sign of future construction, fell 3.3 percent to a record low of 494,000.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.bloomberg.com/apps/news?pid=20601103&sid=ah.Vr.4XkDm0&refer=news
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