Home Construction Tumbled in January, the latest sign of cooling in the housing market.
U.S. housing starts fell 16% last month to a seasonally adjusted annual rate of 880,000, the lowest level since September, the Commerce Department said Wednesday. That was down from December rate of 1.05 million new homes built, marking the largest month-over-month decline since February 2011.
In addition, Building Permits, a sign of future construction, fell 5.4% to a seasonally adjusted annual rate of 937,000 last month from December.
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Winter weather likely dragged down the numbers in January but many economists think that there are other factors: US Housing Market is still weak and recovery is stalling.
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