U.S. Housing Starts Fall to 17-Year Low
Aug 20, 2008
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U.S. housing starts fell 11% in July, the U.S. Census Bureau reported. The seasonally adjusted annual rate of 965,000 starts was below the revised June rate of 1,084,000 starts and 29.6% below July 2007, when 1,371,000 homes were started.

Building permits issued in July were 17.7% below June's revised rate of 1,138,000 permits issued and 32.4 percent below July 2007, when 1,386,000 permits were issued, the report said. Housing completions also fell in July.

In the month, 1,035,000 privately owned homes were completed, an 8.7% drop from June's 1,134,000 completions.

Single-family completions fell 7.2% to an estimated 791,000, while multi-unit completions for homes with five or more units came in at a seasonally adjusted annual rate of 229,000.

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