Initial construction of U.S. homes fell to a fresh 17-year low in September, according to a government report released Friday.
Privately owned housing starts fell to a seasonally adjusted annual rate of 817,000 in September, according to the Commerce Department. The rate was down 6.3% from August’s revised reading of 872,000 and 31.1% lower than September 2007.
Economists were expecting housing starts to decline to 870,000, according to consensus estimates compiled by Briefing.com.
Housing starts have fallen nearly two-thirds from their peak of 2.3 million in January 2006, and were at the lowest annual pace since January 1991.
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