U.S. housing starts, permits decline in May

The annualized rate of housing starts in the U.S. fell 5.5 percent between April and May to 1.28 million units, according to the U.S. Census Bureau. Single-family starts were down by 5.2 percent to a rate of 982,000. Building permits were at a rate of 1.39 million units, down 3.8 percent from April. Single-family permits declined by 2.9 percent to a rate of 949,000.