US Housing starts dropped 4.1 percent to a 657,000 annual rate in December 2011, which was lower than economists expected Commerce Department said Thursday.
It puts an end to a year in which home builders started building a record-low number of single-family homes: starts of single-family houses in 2011 fell 9 percent to a record-low 428,600 units, to be exact.
These data are suggesting that recovery in the US Housing Market will take time. Falling home prices and ongoing foreclosures are hampering an industry-wide recovery.
In fact, a senior economist at Wells Fargo Securities, LLC forecasts that home prices will go down another 5-6 percent from now.
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