Home building fell in April to a seasonally adjusted rate of 853,000 units, the lowest level in five months, according to the Commerce Department. Most of the decline took place in multifamily home construction, which includes apartments and condominiums. Housing starts were down 16.5 percent from March, when builders broke ground on more than 1 million homes -- the most since June 2008. The data also reveals that applications for building permits in April soared to the highest level in five years, which suggests construction will pick up in June.
Read more of today's Industry Insider.