Housing Starts Plunge

Single-family housing starts plunged 14.4% in March, but the first three months of 2005 set a new record for starts and some housing economists are looking for a rebound in April.The U.S. Census Bureau reported that single-family starts fell from a seasonally adjusted annual rate of 1.80 million in February to a 1.54 million rate in March. National Association of Home Builders economist Michael Carliner said March starts were lower than expected. "But I feel very confident we will have a rebound," he said. Mr. Carliner said February set a record for single-family starts, and it was revised upward in the March report. In addition, the March report shows that single-family permits are higher than starts, which "almost always" signals that starts will be higher the next month, he said. Meanwhile, single-family starts for the first quarter are ahead of last year's record pace by 6.3%.