By Lucia Mutikani | Reuters
Homes are seen for sale in the southwest area of Portland, Oregon
U.S. housing starts fell more than expected in March and permits for future home construction hit a one-year low, suggesting some cooling in the housing market in line with signs of a sharp slowdown in economic growth in the first quarter.
Tuesday’s report from the Commerce Department continued the recent run of weak data that has cast a pall on the economy’s prospects. Economists say the fragile economy, combined with tepid inflation vindicated the Federal Reserve’s cautious approach to raising interest rates.
