Never mind: Housing starts fall to lowest level since 1940s

U.S. housing starts plummeted 10.8 percent in March, the U.S. Commerce Department announced Friday. New home construction experienced a setback after a large gain in February had sparked optimism in some circles that a housing sector recovery was on its way (pdf).

Housing starts for new homes fell to a 510,000 annual rate in March -- the weakest level since the 1940s. Housing starts have now declined 48 percent in the past year and about 78 percent since the sector's peak was achieved about three years ago.