US housing starts plunge in June

Posted on | July 21, 2010

By AFP

WASHINGTON: US housing starts plunged 5.0 per cent in June, declining far more than expected as the home building industry reels amid a fragile economic recovery.

Construction starts on privately owned homes fell to a seasonally adjusted annual rate of 549,000 in June, the second consecutive month of decline and the slowest rate since October 2009, the Commerce Department said yesterday.

The decline was almost exclusively in multiple-unit housing.

- US Housing Market News

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