The Commerce Department reported this morning that housing starts fell about 5.9% to a seasonally adjusted annual rate of 575,000 in February. Zach Pandl, a Nomura Securities Economist wrote in a note to clients: “The decline in February likely reflected, at least in part, inclement heavy snow across much of the country. Although the February starts report was slightly better than expected, in our view, the construction recovery more broadly remains very disappointing, and yesterday’s decline in homebuilder sentiment suggests firms see little reason for optimism about the outlook.”
Sacramento California attorney
