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 August 20, 2007

New Home Construction Hits Ten Year Low
In July, construction of new homes fell to its lowest pace in 10 years, as reported be the U.S. Commerce Department.
In July, the construction of new apartments and homes dropped by 6.1%, versus June to a annual rate of 1.38 million units. That figure is down 20.9% from 2006.

David Seidlers a chief economist for the National Association of Home Builders states that the decline in housing starts and permits is a clear reflection of the current problems with the mortgage markets.

Patrick Newport, chief U.S. economist for Global Insight, predicts that things will get worse over the next three months or so before they get better mainly due to the current turmoil in the financial markets.

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