Housing Starts At Lowest Level In 17 Years

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(August 19, 2008)--Construction of homes and apartments fell in July to the lowest level in more than 17 years, the government said Tuesday.

The Commerce Department report says that builders broke ground in July on 965,000 housing units on an annualized basis.

That was down from a pace of 1.08 million in June and the weakest showing since March 1991.

However, July's performance was better than analysts expected.

Wall Street economists forecast that housing starts would drop to a pace of 950,000.