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Housing Starts Fall 1.5% in July

Financial News Network
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August 17, 2011 AT 3:38 AM
In July, housing starts slipped 1.5%, according to data released Tuesday that reveal the negative impact on demand for new houses that comes from cheaper foreclosed homes, underwater mortgages, tight lending standards and high unemployment.The Commerce Department said starts fell to a seasonally adjusted annual rate of 604,000 from a downwardly revised 613,000 rate in June.