Market update: housing starts fall 6.5% in May

May’s housing starts fell 6.5% in May to a seasonally adjusted annual pace of 1 million units. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“Despite the monthly drop in housing starts, the trend has been upward and remains at a pace exceeding 1 million.  With the half percent drop in interest rates this year coupled with a modestly improving job environment, look for the coming months to show an improvement in the market numbers overall.”

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