“Housing Starts Dropped Sharply as Multi-Family Activity Collapsed. Starts dropped to a new all-time low of just 458,000 units as multi-family activity dropped to a mere 90,000 units at an annual pace. The more volatile multi-family series has been the driver behind several large drops in recent months. Single-family activity managed a second straight gain giving some credence to a bottoming process.” Wachovia Economics Group, 5/19/09
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