On Tuesday, the Commerce Department announced that in May housing started an annual pace of 975,000 units, which is a 3.3% slide and also the lowest pace set since March of 1991. Economists had hoped to see a figure near 980,000 units but were disappointed as they were with the April figures, where they had estimated 1.032 million units but were presented with 1.008 million. While building permits also dropped to a rate of 969,000, it was higher then the value expected of 960,000 rates.

To date there is no idea of when the housing market could improve; mortgages keep falling and it is an up and down battle in all the regions of the U.S to try and improve their housing market. Building rates were down 25% in the Midwest, 4.4 % in the South, and 10.3% in the West. In the Northeast, while a record low amount of housing permits with single-family homes was made, there was a 61.5% increase in May housing starts.

On the upside, stock futures still remain positive and the producer price index was better then expected. The U.S. dollar did fall, but perhaps that will only help increase foreign investment in U.S. homes.