(July 17, 2008)--The Commerce Department says construction of single-family homes in June fell to the lowest level in 17 years, although a change in a New York City code gave apartment building there a temporary boost.
But one analyst called it a "head fake."
More instructive regarding the plight of the housing market is news that building of single-family homes dropped 5.3 percent to a seasonally adjusted annual rate of 647,000, the weakest since January 1991.
Analysts say between weakness in the economy and the continued credit crunch, the housing market will remain weak for months to come.
In another report, the Labor Department said new claims for unemployment benefits rose by 18,000 last week to 366,000.
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