Housing starts fell by 4.0% m/m in December 2009 to a seasonally adjusted annual rate (SAAR) of 557,000. The decline was led by single family housing starts, which fell 6.9% m/m to a level of 456,000 SAAR, the lowest since June 2009. As of December 2009, the four-month moving average of single family starts stood at 481,000 SAAR, slightly below the 483,000 SAAR level of December 2008.
Between January 2006 and February 2009, single family starts fell by over 80%, reaching a record low of 357,000 SAAR before slowly picking up back above 500,000 SAAR by July 2009.
The trend observed in[...]