More poor housing data out overnight from the US, showing building permits fell 8.9% to a 10 year low of 1.429 million. This fall was the largest percentage fall in 17 years.
Meanwhile housing completions fell 5.8% to a 6 year low of 1.523 million. Housing completions across the USA are down 26% from the same time last year, with the Midwest plunging 39% over the same period, the largest percentage fall in 25 years.
» Building permits drop to a 10-year low – Market Watch, May 16th 2007.