Worst drop in housing starts in 3 years

|By:, SA News Editor

January housing starts of 880K were 16% below those in December, the largest sequential decline since February 2011, and are 2% below the January 2013 rate of 898K. Single family starts of 573K were 15.9% below December

Building permits of 937K were 5.4% below December and 2.4% above one year ago. Single family permits 602K were 1.3% below December.

Look for the rough winter weather to be bandied about plenty as an excuse, but feeling its oats after the bad print, Zerohedge notes permits crashed 26% in the West ... "that's where the snow must have been the strongest."

Longer-term charts from Bill McBride here and here.

No premarket trades yet for the XHB and ITB and Treasury futures remain as they were ahead of the release. TLT +0.35%

Treasury ETFs: TBT, TLT, TMV, TBF, EDV, TTT, TMF, SBND, ZROZ, TLH, DLBS, VGLT, UBT, TLO, LBND, TYBS, TENZ, DLBL