US new home construction remains weak

New homes under construction in Azusa, California Housebuilders found it hard to compete with a flood of repossessed homes being auctioned off

New home construction in the US fell by less than expected in July, new data has revealed.

The number of new projects begun in the month fell 1.5% from June on a seasonally adjusted basis, according to the Commerce Department.

The annualised rate of 604,000 housing starts recorded in July was still above the even more depressed levels seen earlier in 2011.

But it remains far below the two million level seen five years ago.

Homebuilding and new home sales in the US continue to suffer due to the large overhang of unsold repossessed properties on the market.

More on This Story

US Economy

From other news sites

* May require registration or subscription

The BBC is not responsible for the content of external Internet sites

More Business stories



BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.