US Housing Market Drops Responding to Unstable Economy

US homebuilding dropped to a five-year low in April, underlining fears that the novel Coronavirus crisis would lead to the deepest economic contraction in the second quarter since the Great Depression.

Housing starts tumbling 30.2% to a seasonally adjusted annual rate of 891,000 units last month, the lowest level since early 2015, the Commerce Department said on Tuesday. Housebuilding data for March was revised up to show homebuilding declining to a pace of 1.276 million units instead of dropping to 1.216 million units as previously reported. Economists polled by Reuters had forecasted housing falling to a pace of 927,000 units in April.

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