February housing starts slip 1.1%

Commerce Department data released Tuesday morning show February housing starts were at a seasonally adjusted annual rate of 698,000.

There’s good news and bad news in Tuesday’s data.

February starts declined 1.1% compared with the upwardly revised January figure. And single-family starts declined 9.9% to a rate of 457,000. The total-starts figure fell below expectations, as analysts expected about 710,000.