Homebuilder housing wood constructionREUTERS/ Mike BlakeConstruction workers build new single family homes at a development area in Vista, California March 20, 2012.

We just some discouraging data from the housing market.

Housing starts unexpectedly plunged 9.3% to an annualized rate of 893,000.

Building permits unexpectedly fell 4.2% to 963,000.

Economists estimated starts would climb by 1.9% and permits would gain 3.0%.

This comes despite low mortgage rates and limited supply in the housing market.

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