New Housing Starts

Data Source: Census Bureau

By Mathew Katz

Construction of new houses was down one percent in July, according to the latest Residential Construction Report from the Census Bureau. Housing starts fell from a seasonally-adjusted annual rate of 587,000 in June to 581,000 in July. That's below analyst's expectations, and down 37.7 percent from last year's rate of 933,000.

Yesterday, the National Association of Home Builders released their index of home builder confidence in the industry, and it was up -- largely based on expectations that an increase in home sales is on the way. But today's report may bring those expectations down to earth, especially since applications for building permits -- an indicator of future home construction -- are also down 1.8 percent.

categories: Housing

9:53 - August 18, 2009

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