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John Pataky | Photo credit: TIAA Bank Privately owned housing starts in February fell 10.3 percent month over month and 9.3 percent year over year to a seasonally adjusted annual rate of 1.4 million, according to the U.S. Commerce Department. Single-family starts in particular were down 8.5 percent from January. “Housing starts underperformed this month with reports of rising interest rates, which recently hit their highest level since July and have cooled the market slightly,” John Pataky, the executive vice president at TIAA Bank, said in a statement. “Previously, these ultra-low rates have been favorable to consumers and drove them past perceived downsides to the market, including the fact that there are more barriers to entry and a critically undersupplied list of homes for sale that has led to higher prices.”

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