Permits to build housing, an indicator of future activity, increased just 0.3 percent in December.A construction worker sets a floor truss in place that will support the second story of a home at a Lennar development in Doral, Florida.
The number of homes being built in December plunged to the lowest level in more than two years, a possible sign that developers are anticipating fewer new houses to be sold this year. The Commerce Department said Tuesday that housing starts fell 11.2 percent in December from the previous month to a seasonally adjusted annual rate 1.08 million. This is the slowest pace of construction since September 2016.
Over the past 12 months, housing starts have tumbled 10.2 percent. December's decline occurred for single-family houses and apartment buildings. Builders have pulled back as higher prices have caused home sales to slump, suggesting that affordability challenges have caused the pool of would-be buyers to dwindle.This story is developing. Please check back for updates.
tripletangels3 Tariffs on lumber & steel flat wages plus inflation, higher taxation on middle class are reduce housing starts. Who knew? (every honest person who understands economics)
How do you spell 'RECESSION'? Here's a way.
Tax reform took away deduction of interest and taxes could sway people away from home purchase
Same level as 2017 which was a good time for housing. It would be alarming if it were same levels in 2009. CNBC wants to paint a picture that is worse than it is. Fake news CNBC
Why don't the 40 million illegal peasants step up and buy?
Nothing to surprise at all
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Housing starts sink 11% in last month of 2018, but rising permits point to reboundConstruction on new houses sank 11% in December to a more than two-year low, but builders applied for more permits in a sign that a rebound is coming soon. Housing starts tumbled to an annual rate of 1.08 million in the final month of 2018.
Source: MarketWatch - 🏆 3. / 97 Read more »