March starts plummet 11.9% as foreclosures create glut on market
(NEWSER) - Foreclosures and a glut of unsold homes flooding the market were blamed for an 11.9% drop in new housing starts last month, more than twice the slide economists had predicted, reports Bloomberg. Starts are at the lowest level since March 1991, according to the Commerce Department, casting a pall over hope for a rapid economic recovery. "Home construction is probably going to continue to fall right through this year,'' says one economist. More»
