Home Construction At Lowest Pace In 12 Years

Home Construction At Lowest Pace In 12 Years

Construction of new homes fell in August to the slowest pace in 12 years as troubles in the housing industry continued.

The Commerce Department reported Wednesday that construction of new homes fell 2.6% in August to a seasonally adjusted annual rate of 1.331 million units.

That was the lowest pace for housing starts since the June 1995 rate of 1.281 million units.

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