Thursday, May 17, 2007

Housing slump continues

Housing slump continued in April (AP)

Workers construct a new $2.6 million nearly 14,000-square foot home Wednesday, May 16, 2007, in Sandy, Utah. Construction of new homes posted a small gain in April, but applications for building permits plunged by the largest amount in 17 years, a dramatic sign that the nation's housing industry is still in a steep slump. The Commerce Department reported Wednesday that construction of new homes and apartments rose by 2.5 percent in April compared to March to a seasonally adjusted annual rate of 1.528 million units. (AP Photo/Douglas C. Pizac)AP - Home building posted a small gain in April, but permits for future construction plunged by the largest amount in 17 years, a sign the nation's housing industry is still in a deep slump.


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