US housing starts, permits plunge to new record lows

US housing starts and building permits plunged again in January to new record 50-year lows amid the deepening recession, government data showed Wednesday. The Commerce Department said the number of housing starts in January dived 16.8 percent to a seasonally adjusted annual rate of 466,000 units from December, far worse than analysts' consensus forecast of 547,000 units. Permits to build new homes, an indicator of future activity in the housing sector, dropped 4.8 percent from the prior month to an annualized rate of 521,000. That level also was sharply below expectations of 530,000. Starts and permits were at their lowest pace since the Commerce Department began tracking the data in January 1959 amid a US housing slump at the epicenter of the global financial crisis.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email