New Housing Falls to Five-Month Low

housing starts

In my post yesterday (San Diego California Home Prices Increase), I said how the true San Diego re-sale prices  and market activity will not be reflected until July sales are reported in August. I also said how it looked like real estate activity was slowing after the government tax credits expired. Today’s housing starts data supports my idea of a slowing real estate market that seems ready for a double-dip.

The Commerce Department reported today that housing starts dropped 10 percent to a seasonally adjusted annual rate of 593,000 units, the lowest level since December. The percentage decline was the biggest in 14 months. April’s housing starts were revised down to show a 3.9 percent increase, which was previously reported as a 5.8 percent rise.

Carlsbad California real estate