By Andrew Khouri | USA TODAY
Homebuilders broke ground on fewer new homes nationwide in May, as a key element of the housing recovery lost momentum.
Housing starts fell 6.5% from April to a seasonally adjusted annual rate of 1,001,000, the Commerce Department said Tuesday. The drop was slightly worse than expected and comes after volatile multifamily construction surged in April, pushing starts to a five-month high.
Economists polled by Bloomberg News expected a 1.03 million annual rate in May. Last month saw the first decline in starts since January, although starts are 9.4% higher than May 2013.
