Home Construction Plunged Last Year
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WASHINGTON -- The prolonged slump in housing pushed construction of new homes in 2007 down by the largest amount in 27 years with the expectation that the downturn has further to go.
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Sales of new homes plunged by a record amount in 2007 while prices posted the weakest showing in 16 years, demonstrating the troubles builders are facing with a huge backlog of unsold homes.
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The average price of existing US homes shows its first annual decline in more than 11 years, a report shows.
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Housing starts fell 3.7 percent in November, with construction of single-family homes sliding to the lowest level in more than 16 years as builders scrambled to cope with a deep drop in sales.
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Sales of new homes plunged in August and prices posted their biggest year-on-year drop in nearly 37 years, the Commerce Department reported on Thursday, underlining the depth of problems facing the U.S. housing sector.
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U.S. construction spending fell a more-than-expected 1 percent in October led by a seventh straight drop in private residential building and adding evidence to a weak housing sector, a government report said on Friday.
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U.S. housing starts fell 3.7 percent in November, with construction of single-family homes sliding to the lowest level in more than 16 years as builders scrambled to cope with a deep drop in sales.
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U.S. home construction fell last month for the first time since January as builders struggled with a glut of unsold homes, but permits for future building rose, offering mixed signals on the housing outlook.
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WASHINGTON -- Construction activity in October plunged by the largest amount since the recession in 2001 as home building fell for a record seventh consecutive month.
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WASHINGTON -- Construction of new homes plunged by a bigger-than-expected amount in September, reflecting the deepening troubles in housing.
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U.S. construction spending fell  unexpectedly by 0.4 percent in November, as a cooling in  residential construction overpowered a small rise in public  spending, a government report showed on Monday.
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Factory activity in the U.S. Mid-Atlantic region contracted sharply in January and home building in December fell to the slowest pace since the early 1990s, according to reports on Thursday that reinforced fears of recession.
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WASHINGTON -- Construction of new homes fell in August to the slowest pace in 12 years as troubles in the housing industry continued to intensify.
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WASHINGTON  - U.S. construction spending fell unexpectedly by 0.4 percent in November, as a cooling in residential construction overpowered a small rise in public spending, a government report showed on Monday.
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New home sales posted the biggest drop on record in 2007, according to the government's latest look at the battered housing market released Monday, as a year that saw a meltdown in the mortgage market and a drop in home values ended with yet more signs of weakness.
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U.S. construction spending fell unexpectedly by 0.4 percent in November, as a cooling in residential construction overpowered a small rise in public spending, a government report showed on Monday.
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New-home purchases are down 34.4 percent from a year earlier, the biggest year-over-year drop since January 1991.