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Housing Construction Rises 1.7 Percent In July

Construction of new homes edged up slightly in July but applications for building permits tumbled to the lowest point in 14 months, a sign of continued stress in housing.
    The Commerce Department says construction of new homes and apartments rose 1.7 percent in July but applications for building permits, considered a good sign of future activity, fell 3.1 percent.
    A rebound in housing is considered critical for a sustained economic recovery. But builders continue to struggle with weak demand for new homes caused by high unemployment and a glut of foreclosed homes on the market.
    (Copyright 2010 by The Associated Press.  All Rights Reserved.)