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by CareyBot

Housing starts and building permits sank nationwide in April for the third consecutive month, the U.S. Census Bureau and the Department of Housing and Urban Development jointly announced today. Privately owned housing starts in April were at a seasonally adjusted annual rate of 1.85 million, which represents an 11.1 percent drop from a year ago when the rate was 2.08 million. The seasonally adjusted rate is used to project a monthly total over a 12-month period, accounting for seasonal fluctuations. Single-family housing starts in April were at a rate of 1.54 million; this is about 5.6 percent below the March figure of 1.63 million. The April rate for units in buildings with five units or more was 262,000. Privately owned housing units authorized by building permits in April were at a s...