In line with expectations, the pace of nationwide housing starts slowed 2.7 percent in July to a seasonally adjusted annual rate of 1.65 million units, the Commerce Department reported. This rate is exactly on pace with the number of starts that the National Association of Home Builders (NAHB) is forecasting for the year as a whole. Meanwhile, permits for new housing construction remained virtually unchanged in July at a 1.7 million-unit rate.

“Builders were finally able to take a breather following the breakneck speed at which they were filling orders in this year's first half,” said Gary Garczynski, NAHB president and a builder/developer from Woodbridge, Va. “But I'd caution anyone against linking today's report to some kind of housing ‘bubble.’ Historically low mortgage rates continue to bring buyers to the market. Moreover, we're forecasting a healthy 1.65 million starts for all of 2002 — the best number in 15 years.”

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