Home construction plunged in 2007
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The steep slump in housing intensified at the end of last year, pushing home construction down by the biggest amount in nearly three decades.
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Housing construction plunged to the lowest level in nearly a decade last month as the housing industry continued to struggle with a severe slowdown.
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Strained by an ailing housing market and credit woes, the economy in 2007 will log its worst growth in five years and be somewhat sluggish next year, according to one forecast.
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U.S. mortgage applications fell last week, weighed down by a plunge in demand for home refinancing as interest rates reached seven-month highs, an industry group said on Wednesday.
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Construction of new homes fell in May as the nation's homebuilders continued to struggle with a steep housing slump that has been exacerbated by rising problems with mortgage defaults.
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RIVERVIEW, Fla., Jan. 25 -- Piece by piece, as the economy has faltered and as the subprime mortgage crisis has taken hold, Ivan Toledo's grasp on his job, his house -- his entire middle-class life -- has come undone.
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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. housing starts unexpectedly  plummeted 13.1 percent last month, the biggest dive in nearly  11 years, as groundbreaking activity fell sharply across the  nation, a government report showed on Thursday.
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Thousands more people lost their home in 2007 in the UK than in the previous year, say mortgage lenders.
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A plunge in construction spending threatens to drive the American economy into recession.
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Home prices continued their plunge during the last three months of 2007, setting a real estate trade group's record for the biggest-ever quarterly drop.
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Home construction starts fell 2.6 percent in August to their lowest level in more than 12 years while building permit activity, a sign of future construction plans, also dropped to a low not seen since mid-1995, a government report on Wednesday showed.
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U.S. construction spending took a surprising fall of 0.4 percent in July, its largest drop since January 2007, as gains in commercial building failed to offset declines in home building, a government report showed on Tuesday.
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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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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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Housing construction fell in November, with single-family activity dropping to the lowest level in more than 16 years. Analysts said the recession in housing showed no signs of a turnaround.
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The number of new mortgages being approved for home buying fell again in November.