Single-family starts slow to 1991 pace

Starts rise from May to June but fall 27% year-over-year Housing starts were down about 26.9 percent year-over-year in June, the U.S. Census Bureau and Department of Housing and Urban Development announced today, while building-permit authorizations fell about 23.9 percent. The seasonally adjusted annual rate of privately owned housing units authorized by building permits was 1.09 million in June, up about 11.6 percent compared to the revised May rate. The rate of housing starts was 1.07 million, up about 9.1 percent compared to the revised May estimate. Housing completions, at a rate of 1.17 million, were up about 1.2 percent compared to the May estimate and down about 21.7 percent compared to June 2007. The seasonally adjusted annual rate is a projection of a monthly total over a 12-month period, adjusted to account for typical seasonal fluctuations in construction activity. The agencies note that month-to-month changes can show irregular movements, and it can take sev...