Housing construction plunges 6.2 pct. in August (AP)

WASHINGTON - Construction of new homes and apartments fell to the weakest pace in 17 years in August, far more than expected, but lower mortgage rates and tax credits have given builders some glimmer of hope of a possible rebound.

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Housing construction dropped a surprising 6.2 percent last month, the Commerce Department reported Wednesday, far larger than the 1.6 percent decline analysts had been expecting. It was the slowest building pace since January 1991, but that should help clear out bloated inventories of unsold homes. Building activity is on track to slide below the 1 million-mark for the whole year, the first time that has happened in more than six decades.

Full Story: Housing construction plunges 6.2 pct. in August (AP)

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