New Housing Starts Fall To A 17 Year Low

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    The Department of Commerce tracking statistics of new home starts fell approximately 4% in May, 2008 to a 17 year low.  This marks 8 consecutive quarters of reductions in home building.

    Building permits fell about the same amount with the largest reductions seen in the Northeast which had been doing better then most areas in the previous two quarters.

    Rising foreclosure numbers along with price increases due to subcontractors fuel surcharges have kept buyers away from new homes.

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