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New home construction fell in June, driven by a plunge in the South
New home construction fell in June, driven by a plunge in the South

Dragged down by a sharp drop in the South, home construction starts in June unexpectedly fell 9.3% nationally from May to a seasonally adjusted annual rate of 893,000, the Commerce Department said Thursday.  Economists had expected housing starts to climb after falling in May.  But construction plunged 29.6% in the South, a major home building region. All other regions posted increases in June; in the West starts rose 2.6%. The monthly Commerce report does not analyze the data and therefore doesn't indicate possible causes for the sharp drop. Weather may have been a factor, one analyst said. The report was a disappointment following recent signs that the housing market...

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