U.S. Housing Starts Rise Less Than Expected, Permits Fall | Bedford Corners Real Estate

U.S. housing starts rose less than expected in March and building permits fell, pointing to underlying weakness in the housing market that could persist despite better weather.

The Commerce Department said on Wednesday groundbreaking increased 2.8 percent to a seasonally adjusted annual rate of 946,000.

February's starts were revised to show a 1.9 percent rise rather than the previously reported 0.2 percent fall. Economists polled by Reuters had expected starts to rise to a 973,000-unit rate last month.

While a brutally cold winter weighed on home building in December and January, activity has also been hampered by shortages of building lots and skilled labor as well as rising prices for materials.
A report on Tuesday showed homebuilders in April were still downbeat about the sector's near-term prospects. The housing market is under strain from higher mortgage rates and elevated house prices that are sidelining potential buyers.



http://www.foxbusiness.com/business-leaders/2014/04/16/us-housing-starts-rise-less-than-expected-permits-fall/

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