Housing starts fall to 17-year low

Home builders continue to dial back the production of new homes, with new housing starts reaching a 17-year low in May.  Further, the data points to future declines in starts as the market continues to correct. From Calculated Risk: Building permits decreased: Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 969,000. This is 1.3 percent below the revised April rate of 982,000 and is 36.3 percent below the revised May 2007 estimate of 1,522,000. Single-family authorizations in May were at a rate of 623,000; this is 4.0 percent below the April figure of 649,000. The declines in permits suggest further declines in starts next month. On housing starts: Privately-owned housing starts in May were at a seasonally adjusted annual