WASHINGTON — Construction of new homes fell in August to the slowest pace in 12 years as troubles in the housing industry continued to intensify.
The Commerce Department reported Wednesday that construction of new homes fell by 2.6 percent in August to a seasonally adjusted annual rate of 1.331 million units.
The housing industry is experiencing its steepest downturn in 16 years with analysts forecasting weak prices and further declines in sales for months to come, given rising mortgage defaults which are dumping even more homes on an already glutted market. More...
Hopefully the sales and economy gets better soon.
Posted by: digger derricks | 02 November 2009 at 03:02 PM