Housing starts fall in May

Housing starts fell 6.5 percent from April to May, according to the U.S. Census Bureau. Construction decreased to a seasonally adjusted annual rate of 1 million compared with 1.07 million in April.

Single-family housing starts fell 5.9 percent. Building permit applications, which are viewed as a barometer of future construction, fell 6.4 percent in May to 991,000.

Housing starts are far above the annual rate of 478,000 in April 2009, which was the recession low. And housing starts were 9.4 percent higher in May than in May 2013. However, a 1.5 million annual rate still is needed to be considered healthy.

Date : 6/23/2014