MW: U.S. housing starts dive 10.8% in March to 510,000 pace
Building permits fell to a record-low level and construction on new homes dropped sharply again in March after a big gain in February had raised hopes of a recovery, the Commerce Department estimated Thursday. Housing starts fell 10.8% in March to a seasonally adjusted annual rate of 510,000 from 572,000 in February. It's the second-lowest rate since the 1940s. It was much weaker than the 550,000 annual rate expected by economists surveyed by MarketWatch. Meanwhile, building permits dropped 9% to a 513,000 seasonally adjusted annual pace, the lowest on record. Permits for single-family homes fell 7.4% to a 361,000 annual rate, the second-lowest on record.
