U.S. housing starts, permits fall more than expected in May

http://ift.tt/eA8V8J U.S. housing starts and building permits fell more than expected in May, suggesting the housing recovery will likely remain slow for a while. Groundbreaking for homes fell 6.5 percent to a seasonally adjusted annual pace of 1 million units, the Commerce Department said on Tuesday. Groundbreaking for single-family homes, the largest part of the market, fell 5.9 percent in May to a 625,000-unit pace, while starts for the volatile multi-family homes segment decreased 7.6 percent to a 376,000-unit rate. Federal Reserve Chair Janet Yellen said last month there was a risk a protracted housing slowdown could undermine the economy.



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