(wire)
Housing starts reach eight-month low
Housing starts reached their lowest level in eight months during June, although a rise in permits offered some hope of an upswing, according to the Commerce Department.
Housing starts fell 5 percent to a seasonally adjusted annual rate of 549,000 units, the lowest level since October. June marked the second consecutive monthly decline in groundbreaking activity.
Meanwhile, May's starts were revised downward to show a 14.9 percent decline, from a previously reported 10.0 percent drop. Year-over-year, starts fell 5.8 percent, the biggest decline since November.
Unexpectedly, applications for building permits rose 2.1 percent to a 586,000-unit annual pace, following a 5.9 percent dip in May.
Housing starts fell 5 percent to a seasonally adjusted annual rate of 549,000 units, the lowest level since October. June marked the second consecutive monthly decline in groundbreaking activity.
Meanwhile, May's starts were revised downward to show a 14.9 percent decline, from a previously reported 10.0 percent drop. Year-over-year, starts fell 5.8 percent, the biggest decline since November.
Unexpectedly, applications for building permits rose 2.1 percent to a 586,000-unit annual pace, following a 5.9 percent dip in May.
