About 512,000 homes were started in the first half of 2008, down 30.0% from the same period of 2007, according to the Census Bureau. Single family starts plummeted 40.3% to 353,500 units over the first six months.
The seasonally adjusted annualized starts rate for the month was 1.07 million units, down 26.9% from the rate for June, 2007. The single family start rate was 43.0% behind the pace for June of 2007, at just 647,000 units. It was the weakest performance for single family starts since January, 1991.
Through the first six months of 2008, some 515,900 permits had been issued, 33.2% below the total for the same period last year. Over that span, single family permits fell 41.1% to 332,300 permits.