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| Version 1 | Version 2 |
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| New US homes see decline in May | |
| (20 minutes later) | |
| The number of new US homes built in May fell more than many analysts expected, according to official figures. | |
| The Commerce Department said that the number of new homes built dropped by 2.1% in May, after rising 1% in April. | |
| However, while construction fell to 1.474m units there are signs that the sector could be picking up as new home permits rose to 1.5m in May. | |
| The mixed picture comes after data on Monday implied the housing sector was at its weakest in more than 16 years. | |
| More stable | More stable |
| One of the main brakes on the housing market has been higher interest rates that have boosted the cost of mortgage payments. | One of the main brakes on the housing market has been higher interest rates that have boosted the cost of mortgage payments. |
| Another factor that has dampened the market has been higher fuel prices, which have eaten into household budgets and act in very much the same way as a tax on consumers. | |
| Analysts said that the latest Commerce Department figures confirmed an overall picture that the US housing market remained sluggish. | Analysts said that the latest Commerce Department figures confirmed an overall picture that the US housing market remained sluggish. |
| Analyst Kurt Karl of Swiss Re said that the market seemed "to have bottomed out on the housing starts". | Analyst Kurt Karl of Swiss Re said that the market seemed "to have bottomed out on the housing starts". |
| Looking ahead he said the housing market looked "neutral". | Looking ahead he said the housing market looked "neutral". |