(FOX BUSINESS) – The U.S. housing market continues to get pummeled by rising interest rates and soaring inflation, and data released this week shows things have gone from bad to worse.
Housing starts tumbled 14.4% to a 13-month low in May to a seasonally adjusted annual rate of 1.549 million units, and permits for new construction fell 7% to 1.695 million, according to data released Thursday by the Census Bureau.
The declines were much steeper than analysts expected: Economists surveyed by Refinitiv forecasted that housing starts would only fall by 1.3%, and that building permits would drop by 2.1%. Perhaps unsurprisingly, home builder confidence is down, too.
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