Providing further evidence that the downward correction in the housing market continues, U.S. Commerce Department data released for July indicates that home builders started work on new housing units that month at the slowest pace since January 1997. The government report indicated that total housing starts declined 6.1 percent to a seasonally adjusted annual rate of 1.38 million units in July.
“Builders are doing exactly what they should be doing at this point to work down their inve
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