January Starts Drop to Lowest Level Since 1991

Housing starts in January dipped to a seasonally adjusted annualized rate of just over 1 million units, 27.9% under the rate for January, 2007, according to the most recent figures from the Census Bureau. The single family start rate was down 33.8% from the same month last year to an annualized pace of 743,000 units.
The permit rate was down 33.1% below January, 2007, to almost 1.05 million units, with the single family permit rate down 40.3% to 673,000 units.