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by CareyBot

The rate of building permit authorizations for new housing units fell 21.7 percent in May compared to the same month last year, and new housing starts were down 24.2 percent, the U.S. Census Bureau and the Department of Housing and Urban Development announced today. Housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1.5 million -- this rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in building activity. The seasonally adjusted annual rate of single-family building-permit authorizations in May was at a rate of 1.06 million in May, down 27.7 percent compared to May 2006. The rate of building permits for units in structures with five or more units reached 379,000 in May, up 1.1 percent compared t...