Housing Starts Fall to 17-Year Low

Single-unit housing starts fell to a 17-year low of 680,000 in March as worries about the overall economy continued to take their toll on the market. Compared with those of a year earlier, starts were down a stunning 48%. The month-to-month decline was 7%. Multifamily starts (five units or more) totaled 247,000 during the month, a 25% decline from those of February but flat compared with those of March 2007. The figures were compiled by the U.S. Census Bureau and Department of Housing and Urban Development. "While builders continue to report improvements in traffic through their model homes compared with late last year, this activity has not translated to actual sales," said David Seiders, chief economist for the National Association of Home Builders.