The Commerce Department says construction of new homes fell 10.6 percent in April from March to a seasonally adjusted annual rate of 523,000 homes. That's down nearly 25 percent from one year ago and less than half the 1.2 million homes per year that economists consider a sign of a healthy market.
Tighter lending standards and millions of foreclosures are weighing on the housing sector, which is in the midst of one of its worst years in history.
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The Commerce Department says construction of new homes fell 10.6 percent in April. (AP file photo)
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