U.S. housing starts fell 9.9 percent to 836,000 in June, the Commerce Department reported Wednesday, in a drop that far exceeded analyst expectations.
Analysts polled by Briefing.com expected, on average, a 3.9 percent rise to 958,000 in June, up from the May level of 914,000. The decline was led by a huge 26 percent drop in the multi-unit sector.
Privately owned housing starts in June dropped to a seasonally adjusted annual rate of 836,000, which is 9.9 percent below the revised May estimate of 928,000, but is 10.4 percent above the June 2012 rate of 757,000.
Single-family housing starts in June came in at a rate of 591,000, down 0.8 percent from the revised May figure of 596,000.
Born and allegedly conceived by candlelight in 1984, Christopher was raised in Edinburgh, Scotland. After four years in the British Royal Navy, he decided to leave the sea...