Market update: Housing starts fall 0.2% in February

U.S. housing starts decreased 0.2% in February to a seasonally adjusted annual rate of 907,000, according to the Commerce Department. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“Winter kept new home construction frozen in February with a slight decrease last month. However the increase in building permits is a good sign leading into the spring homebuying season. The most important takeaway from this report is the bump up in single family homes – a sector that is dire need of an increase in inventory.”

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