U.S. housing starts fall to lowest point in nearly two years

Housing starts in the U.S. hit their lowest total in February since April 2009, and building permits hit a new record low, according to the U.S. Commerce Department.

Considering the existing glut of supply in the U.S. and declining prices, builders have found little financial motivation to add new product.

Home construction was down 22.5% last month to an annual rate of 479,000 units with declines in all regions of the country, figures showed.

The February total was just 0.4% above the record low of 477,000 units of April 2009.

Building permits dropped 8.2% to a seasonally adjusted annual rate of 517,000 in February.

Building permits for single family homes fell 9.3% to a 382,000 rate.

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