The on again off again economy is at it once more. Housing starts in February went down but permits for new housing jumped to their highest level since 2008. Reuters: The Commerce Department said housing starts slipped 1.1 percent to a seasonally adjusted annual rate of 698,000 units. January's starts were revised up to a 706,000-unit pace from a previously reported 699,000 unit rate. Economists polled by Reuters had forecast housing starts little changed at a 700,000-unit rate. Compared to February last year, residential construction was up 34.7 percent, the biggest year-on-year rise since April 2010. New building permits surged 5.1 percent to a 717,000-unit pace last month, far exceeding economists' expectations for an advance to a 690,000-unit pace from January's 682,000-unit rate. Green shoots are starting to emerge in the housing market, but an oversupply of unsold homes, which is depressing prices, remains a major hurdle, even as sales have picked up in recent...(Read Full Post)