Single-family housing starts plunged unexpectedly last month. Nationwide, starts fell 12 percent from the month prior; and 29 percent from February of last year.
February’s figures represents the worst 1-month drop in housing starts since May 2010 — the month that followed the expiration of last year’s federal home buyer tax credit — and puts single-family housing starts at a 24-month low.
In addition, single-family Building Permits plunged last month, too, shedding 9 percent from January. A building permit is a local government’s certification and approval to begin home construction.