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by CareyBot

The rate of building permits and housing starts fell about 29 percent in February compared to the same month last year, the U.S. Census Bureau and Department of Housing and Urban Development announced today. The seasonally adjusted annual rate of building permits for housing units was about 1.53 million in February, which is 2.5 percent below the revised January rate and 28.6 percent below the February 2006 estimate. This rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in building activity. Single-family building permit authorizations were at a rate of about 1.09 million in February, down 3.1 percent compared to January and down 32.9 percent compared to February 2006. Housing starts in February were at a seasonally adjusted annual...