Housing starts fall for third consecutive month

Housing starts fell 4% in July to a seasonally adjusted annual rate of 1.191 million and the pace for June was revised downward, according to the Department of Housing and Urban Development and the Department of Commerce. The residential construction number has come in lower than economists' expectations for three months in a row, extending what has been a disappointing run for the housing market, said TIAA Bank Executive Vice President John Pataky.

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