Decline in multifamily homes sends April housing starts down 12.8%

A plunge in the number of condos, apartments and townhouses under construction sent April housing starts down 12.8% from the prior month. The Census Bureau said the April results hit a new record low and noted that housing starts declined 50.2% on an annual basis. Meanwhile, single-family starts gained 2.8% from levels in March but were down 45.6% from year-ago levels. Some experts say that the market for single-family homes has hit a bottom.

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