Market Update: Housing starts decrease 17% in February

This morning’s Census Bureau report showed that housing starts in February fell 17% to an annual rate of 897,000 million units (SAAR). Quicken Loans Vice President Bill Banfield offers the following comments on the report:

“There’s no question that the harsh winter we had in the Midwest and Northeast was the culprit in February’s slowdown in new home construction. I wouldn’t look too much into February’s drop, as the overall housing picture shows homebuilder confidence growing and permits for new construction rising. Look for demand to increase in the coming months.”

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