June 16, 2010

UNEXPECTEDLY: Housing Starts Fall to Five-Month Low. “Housing starts fell more than expected in May to their lowest level in five months, a government report showed on Wednesday, as a popular homebuyer tax credit that had buoyed construction activity over the past two months expired. The Commerce Department said 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.” Also, April’s numbers were revised down.

UPDATE: A reader emails: “The problem with snatching sales from the future is that eventually the future arrives.” Indeed.

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