Housing starts fall to second-lowest rate in 50 years

Construction of new homes dwindled to the second-lowest level in 50 years last month, as home builders sought to reduce the number of unsold inventories in an elusive quest to find the bottom of the historic housing collapse, according to government data Friday.

Housing starts fell 6.3% in September to a seasonally adjusted annual rate of 817,000, the lowest since January 1991 and just 19,000 above the record low, the Commerce Department estimated.

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- Posted: 2008-10-17 10:33:15

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