The Real Deal Miami

US housing starts fall

June 17, 2008 09:31AM

U.S. developers likely broke ground on fewer homes last month, while building permits also fell, economists said ahead of a Commerce Department report. “There’s still a huge amount of supply that has to be absorbed and new-home construction is probably going to be slow for some time,” said economist Jonathan Basile of Credit Suisse Holdings Inc. in New York. Residential development fell at a 25.5 percent pace in the first quarter, the biggest recorded decline since 1981.