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U.S. housing starts down in January

Xinhua, February 19, 2015 Adjust font size:

U.S. homebuilders broke ground on less houses in January, and applications for building permits also slipped, showing the property market is recovering slowly, the U.S. Department of Commerce reported on Wednesday.

U.S. privately-owned housing starts were at a seasonally adjusted annual rate of 1,065,000 in January. It was 2 percent below the revised December estimate, but was 18.7 percent above the year-ago level.

Single-family housing starts in January were at a rate of 678, 000, down 6.7 percent from the revised December figure.

Privately-owned housing units authorized by building permits, a gauge of future construction, were at a seasonally adjusted annual rate of 1,053,000, down 0.7 percent from the revised December rate.

There has been a lot of volatility in housing data in recent months, indicating the property market recovery is unstable. Endite