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Wednesday, September 17, 2008
Housing Starts Fall 6.2% in August
Associated Press
WASHINGTON--Government data show construction of new homes and apartments fell by a larger-than-expected amount in August, pushing activity to the lowest level in 17 years.
The data illustrate the country remains in the grips of a severe housing downturn that has triggered billions of dollars of losses and is reshaping the structure of U.S. finance.
The Commerce Department reported Wednesday that housing construction dropped 6.2% last month to a seasonally adjusted annual rate of 895,000 units. That's the slowest building pace since January 1991, another period when housing was going through a painful correction.
The decline is larger than the 1.6% drop analysts expected and showed weakness in all the country except the West.
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