New Housing Starts Collapse A Massive 22.5% In February

Jefferson Davis's retirement home in Biloxi, Mississippi

Headline: 479,000 annualized, that’s a 22.5% fall on last month.

Estimate: 566,000

Analysis: The 22.5% month-over-month decline in housing starts is bad news, but may seem a little bigger until you take into account that there were only 618,000 starts in the previous month.

The home construction business is bad, has been bad, and doesn’t look to be getting any better. Last month now looks like a blip.

Don’t miss: Why Bill Ackman thinks now is the time to buy a house >

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