U.S. Housing Tumbling To Three-Year Low

U.S. Housing Tumbling To Three-Year Low

New home construction in the United States declined again in August to its lowest level in more than three years, the latest sign that the housing market is in the grip of a severe slowdown.

According to the Commerce Department, U.S. housing starts fell 6 per cent in August to a seasonally-adjusted annual rate of 1.665 million, the lowest since April 2003. Economists had expected starts to fall to an annual rate of 1.75-million units.

In addition, July starts were revised down to 1.772-million units from an original estimate of 1.795 million units.

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