Starts in new-home construction dropped 2.5 percent in July, according to figures released by the Commerce Department, continuing the orderly cool down of the housing market. Housing starts declined to a seasonally adjusted annual rate of 1.795 million units. This was 13.3 percent below the peak pace of a year ago when activity in the housing market was operating at unsustainable levels.
Single-family housing starts were down 2.3 percent for the month to a pace of 1.452 million units,
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