August Housing Starts Down Marginally From 17-Year High

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Indicating continuing strength in the nation's housing market, home builders began work on new homes and apartments at a seasonally adjusted annual rate of 1.82 million units in August, the Commerce Department reported. This marked a 3.8 percent decline from July's upwardly revised number, which was the highest in 17 years.

Meanwhile, issuance of building permits surged 4.8 percent to its highest level this year, at a 1.89 million-unit rate, and the backlog of unused permits moved up to 179,200 units.

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