Housing starts plunge 9.6%, raising recession fears
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(Worthy News) – The number of housing starts tumbled in July, an indication that the housing market is taking a hit and may be falling into a recession.
Housing starts measure the annualized change in the number of new residential buildings that began construction. Last month, they declined by a hefty 9.6% to a 1.45 million annualized rate after posting slight gains in June, according to a Tuesday report from the Commerce Department.
Additionally, permits to build, which are seen as a proxy for future construction, decreased by 1.3% in July, further adding strain to the housing market. [ Source: Washington Examiner (Read More…) ]
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