Housing starts drop 3.7% in April; building permits also decline [MarketWatch]
Taylor Morrison Home Corporation (TMHC)
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Source: MarketWatch
Housing starts drop 3.7% in April but stick near 11-year high The numbers: Construction on new houses dropped 3.7% in April, but it’s no big deal. Housing starts hit an 11-year high just a month earlier and some comedown was expected. The annual rate of new homes being built declined to 1.29 million last month from a revised 1.34 million pace in March that was the strongest since mid-2007. That’s how many homes builders would erect if they maintained April’s pace through the whole year. Economists polled by MarketWatch has expected starts to total 1.29 million. Permits for new construction slipped a smaller 1.8% to a 1.35 million annual clip, t he government said Wednesday . What happened: Most of the decline in home construction occurred in the volatile multi-dwelling category — condos, townhouses, apartment buildings and the like. Single-family starts were barely changed. These homes make up the bulk of the U.S. market for new dwellings. Starts fell in all regions except the South
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