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Last month’s housing starts were down 12 percent from
February and reached a 17-year low, according to a Commerce Department report
released today.
Work began on an annual rate of 947,000 homes in
March and permits fell to an annual rate of 927,000, down from a rate of
984,000 in February.
In other housing news, the National Association of
Home Builders said yesterday housing starts would fall 30 percent this year. David
Seiders, NAHB’s chief economist, said the economy is in a “mild
recession.”