Record fall in US housing starts in April

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US housing starts in April plunged by the most on record going back to 1959 as sweeping lockdowns to contain the coronavirus pandemic continued to slam the housing market. 

Residential starts slumped 30.2% from the previous month to a seasonally adjusted annual rate of 891,000, the lowest level since 2015, the Commerce Department said Tuesday. 

Building permits fell 20.8% from March to a seasonally adjusted annual rate of 1.07 million, a five-year low. The slump in applications to build was the biggest since July 2008.

Single-family housing starts dropped 25.4% to a rate of 665,000, also a five-year low. 

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