U.S. housing starts pause after hefty gains, building permits soar

U.S. housing starts fell in May after a hefty increase the prior month, but a surge in permits for future construction to a near eight-year high suggested the pullback was temporary and pointed to underlying strength in housing. Groundbreaking dropped 11.1 percent to a seasonally adjusted annual pace of 1.04 mullion units, the Commerce Department said on Tuesday. Economists polled by Reuters had forecast housing starts falling to a 1.10 million-unit pace last month after a previously reported 1.14 million-unit rate.

U.S. housing starts pause after hefty gains, building permits soar source: http://finance.yahoo.com/news/u-housing-starts-pause-hefty-123045711.html