Housing Starts Well Below Forecast, 17-Year Low

Housing starts fell far more than expected: 947,000 homes (annualized) in March, down 11.9% from February. The consensus was for a 5.2% decline and annualized rate of 1.01 million.

Requests for building permits, a leading indicator of future starts, fell to 927,000 from 984,000 the previous month.

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