Housing Completions Fall: The Commerce Department reported...

Housing Completions Fall: The Commerce Department reported that the number of new American homes and apartment buildings completed during May fell by 7.5% to the lowest level in six months. The May drop, following a revised 6.4% rise in April, was down 1.7% from a year ago. May housing completions stood at a seasonally adjusted annual rate of 1.436 million, the lowest since November, 1988, when the rate was 1.429 million. Aside from the steep fall in the Northeast, home completions fell 7.4% in the Midwest, 5.3% in the South and 2.6% in the West.