U.S. builders broke ground on fewer homes in August, more evidence that the housing market remains depressed.
The Commerce Department said Tuesday that builders began work on a seasonally adjusted annual rate of 571,000 homes last month, a 5% decline from July and a three-month low. That’s less than half the 1.2 million homes that economists say is consistent with healthy housing markets.
via Home building down 5% in August as slide continues – latimes.com.