Home Building Permits Hit Five Year High

Washington, DC, May 16, 2013 -- Although housing starts fell in April, one month after topping the 1 million mark for the first time since 2008, building permits rose to a five year high, according to the Commerce Department.

The government said builders broke ground at an annual rate of 853,000 in April, a 16.5% drop from March.

However, applications for building permits rose 14.3% to a rate of 1.02 million, the highest since June 2008.