New home construction in April fell to its lowest level in decades

U.S. new home construction in April fell to its lowest level in decades, dragged down by a 42 percent monthly drop off in construction of condominiums and apartments, the Department of Commerce reported Tuesday. Builders of single-family homes took less of a beating. Construction was up 2.8 percent nationally from March to April, though single-family housing starts slid 4.6 percent in Florida and the rest of the South. The Tampa Bay area reported the lowest ever number of housing starts — 697 — in the first quarter of this year. As of the end of March, the Tampa Bay area had 3,210 new homes sitting vacant, a glut that's stymied new construction. The firm Metrostudy, which tracks local housing, said builders slowed starts in response to tight bank credit and low home prices that drain profitability from sales.