Housing Starts

Housing Starts Hit 17-Year Low in May 

In what now appears to be a desperate attempt to reduce available supply by home builders, the Commerce Department reported Tuesday morning that new starts on residential construction fell to their lowest levels in 17 years during May. Privately-owned housing starts registered a seasonally-adjusted annual rate of just 975,000, the lowest level since March 1991 and 3.3 percent below a revised 1.008 million pace recorded for April.