Housing starts decline in August

The good news is that last month's July housing starts were actually better than previously reported. The bad news is that August housing starts dropped 14.4%.

August's housing starts came in at a seasonally adjusted annual rate of 956,000, down from July's revised estimate of 1,117,000. The current reading represents an 8.0% year-over-year improvement.

Single-family housing starts were not quite so volatile: at a rate of 643,000, they were 2.4% below July's revised figure of 659,000.

Regionally, the South saw the most activity in starts, garnering a rate of 474,000.

Building permits also stood on less shaky ground, coming in at 5.6% below July's estimate at a seasonally adjusted annual rate of 998,000.

July's previously reported rate came in at 1,093,000.