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U.S. new-home groundbreakings fell in February by the most in eight months on a drop in single-family homes, suggesting buyers and builders remain wary despite higher wages and a drop in mortgage rates.
Residential starts fell 8.7% to a 1.16 million annualized rate, below estimates, after an upwardly revised gain the prior month, according to government figures Tuesday. Permits, a proxy for future construction, fell 1.6% to a 1.3 million rate.
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