Single-family starts dropped 4% in August after hitting an all-time high the previous month, according to data released Friday by the U.S. Commerce Department.Government data show that single-family starts were at a rate of 1.245 million in August, down from a record 1.299 million in July. Year-over-year, single-family starts have increased 15.7%. "After single-family starts hit an all-time high in July we were expecting a drop-off in activity, but it doesn't really mean anything -- lenders are still very busy," said David Lereah, chief economist with the Mortgage Bankers Association of America. Meanwhile, total starts, including multifamily, fell 5% in August to a rate of 1.613 million.
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