HOUSING STARTS FALL TO 10-YEAR LOW AMID SLOW SALES, TIGHTENING CREDIT

August 17, 2007

The American Bankruptcy Institute has issued the following report on housing starts, which shows the important housing sector of the economy is declining:

HOUSING STARTS FALL TO 10-YEAR LOW AMID SLOW SALES, TIGHTENING CREDIT
The Commerce Department reported that home builders slowed groundbreakings during July to their lowest rate in 10 years, as sales tumble and credit tightens, the Wall Street Journal reported today. Housing starts decreased by 6.1 percent to a seasonally adjusted 1.381 million annual rate, after rising 2.1 percent in June to 1.470 million, the Commerce Department said. Year-to-year, housing starts were 20.9 percent below the level in July 2006. Falling demand for new homes and bloated inventories are discouraging builders, who also worry about tight credit, a fear that rattled financial markets this week and led central banks to rush in injections of liquidity. The National Association of Home Builders said this week that its August survey found members' confidence at the lowest since 1991.

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