WASHINGTON, DC-The Commerce Department has reported that the housing starts has fallen by 5% and has adjusted to a seasonal rate of 549,000 units. Since October 2009, this is the lowest and also the second straight fall. Experts had anticipated it to fall to 580,000-unit rate.
Compared to May, there was a 5.8% drop in June 2010, the biggest fall since November 2009. Despite the fall, there was a 2.1% increase in building permit applications, which stood at a 586,000-unit annual pace. For the full story, go to Reuters.
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