Housing starts in the U.S. fell in February from a three-year high, showing the recovery in the residential real estate market will take time to develop.
Builders broke ground on 698,000 homes at an annual rate, in line with the median forecast of economists surveyed by Bloomberg News and down 1.1 percent from a January pace that was stronger than previously reported, Commerce Department figures showed today in Washington. Building permits, a proxy for future construction, climbed to the highest level since October 2008.
The pace of home building was led by a jump in multifamily construction that indicates demand for rental housing is increasing as Americans remain concerned about the prospects for single-family dwellings. Distressed properties and more foreclosures continue to threaten the outlook for property values.
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