Housing Starts Down, Housing Sales UP

The stock market’s in a tizzy. The Commerce Dept. reported that housing starts fell 12.8% to a record-low pace of 458,000 in April from a revised 525,000 in March. This crucial measure of new home construction is down more than 54% from a year earlier and 79.8% below the 2.27 million peak in January 2006.

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