HAIAN, CHINA - MARCH 07: A worker is seen at a construction site of building on March 7, 2010 in Hai'an, Jiangsu province of China. China's real estate industry is in an 'undisputable' bubble with its current skyrocketing boom, China vowed to rein in soaring real estate prices and expand low-cost housing in the next 'crucial' year as Premier Wen Jiabao said during the 11th National People's Congress (NPC) Friday. (Image credit: Getty Images via @daylife)Builders began work on fewer homes than forecast in March, signaling a sustained industry recovery will take time to get underway.
Housing starts dropped 5.8 percent to a 654,000 annual rate, less than the lowest estimate of economists surveyed by Bloomberg News and the least since October, Commerce Department figures showed today in Washington. The slump was led by the volatile multifamily category, which at the same time showed a jump in permits, a proxy for future construction.
While warmer weather may have spurred home construction at the beginning of 2012, a competing supply of cheap existing properties may be steering potential buyers away from purchasing a new home. That means home construction may not help boost the economy in 2012... Continue to Read.
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