US housing starts fall to near to two-year low; permits weak
WASHINGTON: U.S. homebuilding dropped to a near two-year low in March, pulled down by persistent weakness in the single-family housing segment, suggesting the housing market continued to struggle despite declining mortgage rates.
Building permits fell 1.7 percent to a rate of 1.269 million units in March, the lowest in five months. Building permits have now declined for three straight month. Permits for single-family housing dropped to a more than 1-1/2-year low in March, a bad omen for starts in the coming months. Retail sales surged in March and trade, inventory and construction spending data have also been bullish, prompting economists to sharply upgrade their gross domestic product estimates for the first quarter.
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