Housing Start Jump in April
Housing starts over all were up by 8.2% in April. But the housing starts for single-family houses fell to the lowest level in 17 years. The jump was due to building of townhouses and conominiums.
``You cannot take the headline starts number seriously because of the increase in the multifamily number,'' said Ian Shepherdson, chief U.S. economist at High Frequency Economics in Valhalla, New York, who had the closest estimate in a Bloomberg News survey. ``The trends are horrific'' because ``why would you spend money to buy a depreciating asset?'' he said.
Building permits also rose by 4.9 percent.
http://www.bloomberg.com/apps/news?pid=20601087&sid=abWYAJPuHSAY&refer=home
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