Housing Starts: It's Going to Get Worse

Starts on new homes plummeted to a 10-year low in July, exceeding Wall Street's prediction by 25%

Global financial markets were already in trouble on the morning of Aug. 16 when the Commerce Dept. announced that housing starts fell 6.1% in July to a seasonally adjusted pace of 1.381 million—the lowest level in a decade (see BusinessWeek.com, 8/16/07, "More Carnage on Wall Street").

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