Homebuilding Hits 17-Year High in July

Revving into higher gear for a third consecutive month, home builders ramped up the pace of housing starts to a seasonally adjusted annual rate of 1.87 million units in July, the Commerce Department reported. This is 1.5 percent above June’s upwardly revised 1.85 million-unit pace and is the strongest rate of housing production since April of 1986.

“It’s shaping up to be a very busy summer for home builders,” said Kent Conine, president of the National Association of Home Builders (NA

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