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US home construction tumbles in August

from The Associated Press via The Oregonian

U.S. home construction plunged in August, led by steep decline in the volatile apartment category. But single-family house construction, a larger and more stable portion of the market, fell only modestly. Construction fell 14.4 percent in August to a seasonally adjusted annual rate of 956,000 homes, the Commerce Department said. This reverses the sharp gains in July when the rate of new construction rose to 1.12 million homes, the highest annual rate since 2007. more


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