Both housing starts and building permits fell in February, reversing gains made in January. According to The Commerce Department, groundbreaking activity fell 5.9 percent, while permits dropped 1.6 percent. Paul Dales, an economist at Capital Economics, said severe winter weather may have contributed to the drop but, because the market is saturated with excess supply and millions of potential foreclosures, new homes will continue to face competition from distressed properties on the market at bargain prices. More here, here, and here.
Theresa Springer’s Blog
Housing Starts, Permits Fall in February
March 16, 2010
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