There's more worrisome data about the housing market this morning: housing starts plummeted 10% to a 593,000 annual rate in May, the lowest level this year. Also of concern: building permits, a sign of future construction, unexpectedly declined to a one-year low. We shouldn't have been surprised after yesterday's downbeat NAHB Homebuilder index, still the numbers are sobering.
Jill Schlesinger is the Editor-at-Large for CBS MoneyWatch.com. Prior to the launch of MoneyWatch, she was the Chief Investment Officer for an independent investment advisory firm. In her infancy, she was an options trader on the Commodities Exchange of New York.