Housing Starts Decreased in May 2.1 Percent, Down 24 Percent Year over Year

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Housing starts off in May, and down 24 percent year over year. To me this is good news as builders are slowing the inventory on the market and allowing things to settle down.

Starts decreased 2.1% to a seasonally adjusted 1.474 million annual rate, after rising by 1.0% in April to 1.506 million, the Commerce Department said Tuesday. Originally, April starts were seen increasing by 2.5% to 1.528 million.
The median estimate of 25 economists surveyed by Dow Jones Newswires was a 3.5% drop to a 1.474 million annual rate. The decline was the first since starts plunged 14% in January. Starts, year-to-year, were 24% lower than the level in May 2006. via the WSJ.com.