Housing Construction Falls in May
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WASHINGTON -- 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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Ground-breaking on new U.S. homes last month fell to the slowest pace since 1991 and fewer building permits were issued than any time since 1993, according to government data released Thursday that points to a deepening housing crisis and heightened risk of recession.
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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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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 construction rose, offering mixed signals on the housing outlook.
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Sales of existing homes fell in May to the lowest level in four years while the median home price dropped for a record 10th consecutive month.
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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  construction rose, offering mixed signals on the housing  outlook.
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The number of housing units on which builders began work plunged 13.1 percent in November from the previous month, the biggest monthly drop in nearly 11 years, according to the Commerce Department.
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Pending sales of existing U.S. homes  in May unexpectedly fell to their lowest level in more than  5-1/2 years, data from a real estate trade group showed on  Tuesday in a sign of continued weakness in the housing sector.
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Sales of existing U.S. homes slipped  in May, another sign of a gradually cooling housing market as  mortgage rates rise, while consumer confidence rose slightly in  June, according to reports on Tuesday.
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WASHINGTON -- Reflecting further housing troubles, sales of existing homes fell in May to the lowest level in four years while the median home price dropped for a record 10th consecutive month.
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New home sales in May fell more than expected while consumer confidence in June hit a 10-month low amid worries about jobs and the business climate, adding to signs of sluggish economic growth this year.
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Housing starts fell to their lowest level in 12 years last month, while permits for new construction also declined, pointing to a further weakening of an already battered housing market.
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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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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 existing U.S. homes slipped in May to the lowest level in four years and the number of unsold homes on the market rose sharply, suggesting a housing recovery was still a long ways off.
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May sales of new houses in the US disappoint after reaching record highs in April, as the housing slump continues.