"Construction of homes and apartments fell in July to the lowest level in more than 17 years, the government reported Tuesday.
The Commerce Department said that builders broke ground on 965,000 housing units on an annualized basis. That was down from a pace of 1.08 million in June and the weakest showing since March 1991.
However, July's performance was better than analysts expected. Wall Street economists forecast that housing starts would drop to a pace of 950,000.
Still, the latest housing figures continue to show a badly battered housing market, one of the biggest problems plaguing the already shaky national economy."
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Housing starts dip to March 1991 levels
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