WASHINGTON — HOUSING SLOWS: Construction of homes and apartments dipped 1.1 percent in July to a seasonally adjusted annual rate of 746,000 in July. In June, housing starts rose to the highest level in nearly four years.
PERMITS UP: Applications for building permits rose 6.8 percent in July to an annual rate of 812,000, the fastest pace since August 2008.
OUTLOOK: The rise in permits suggests builders will boost construction in the next few months. Still, the number of homes started and permits requested remain roughly half the 1.5 million that economists equate with healthy markets.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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