on Tuesday. The per cent decline was the largest in eight months, and bad weather could have contributed to the sharp drop in home building last month.Building permits fell 1.6 per cent to a rate of 1.296 million units in February. While that was the second straight monthly drop in permits, they are now outpacing starts, which suggests a pickup in home building in the months ahead.
The housing market hit a soft patch last year, squeezed by higher mortgage rates, pricey lumber, and land and labour shortages, which led to tight inventories and more expensive homes. But borrowing costs have eased as the Federal Reserve signalled it was halting further interest rates increases this year amid growing headwinds to the economy.
Source: Real Estate Daily Report (realestatedailyreport.net)
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