U.S. housing starts fell in June as rising interest rates put the breaks on a booming housing market.
Builders broke ground at a seasonally-adjusted annual rate of 1.802 million units last month, down 8.5 percent from 1.97 million in May – the biggest decrease since a 10.7 percent drop in February of 2003.
Building permits, which signal future activity, also posted a sharp decline, falling by 8.2 percent, to 1.924 million units. That was the biggest drop since permits fell 8.7 percent in February of 1994.
The numbers for both starts and permits were well below analysts’ expectations.
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