Market Update: Housing Starts Fall 11.1% in May

Today’s housing starts report showed an 11.1% drop in new home construction nationally. Permits for single family construction also rose 2.6% in March. Quicken Loans Vice President Bill Banfield offers the following comments on the report:

“We shouldn’t focus too much on the drop in home construction in May, as it was exaggerated by the prior month’s revision and the level is still higher than we saw last year. Another ray of sunshine in this report is the rise in building permits, signaling continued growth.”

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