Single-and multifamily housing starts both fell in May as production dropped 6.5 percent to a seasonally annual adjusted rate (SAAR) of just above one million, according to figures from the Census Bureau and the Department of Housing and Urban Development (HUD). Single-family housing starts dropped 5.9 percent to a SAAR of 625,000 while multifamily starts fell more, 7.6 percent, to a SAAR of 376,000. Overall housing production dropped in the Northeast 25.2 percent, while the Midwest fell 16.5 percent and the West slipped 16.3 percent. MHProNews has learned the South posted a gain of 7.3 percent. At the same time, the National Association of Home Builders (NAHB) reports single-family building permits rose 3.7 percent in May, but the overall rate was pulled down by the multifamily sector which notched a 19.5 percent loss, leading to an overall drop of 6.4 percent for a SAAR of 991,000 units. ##
