All of which is good news for new home builders and resale home sellers.

Year-over-year, groundbreaking on new homes is down 28.5% compared with February 2006, according to the Dept. of Commerce.

Building permits fell 2.5% – economists expected the number to be roughly unchanged. U.S. futures, which had been down prior to the housing data, recovered on the news, entering positive territory.

Source: SeekingAlpha