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| Version 0 | Version 1 |
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| US home building at 17-year low | US home building at 17-year low |
| (10 minutes later) | |
| Construction of new US homes fell more than expected last month to reach its lowest level in almost 18 years, Commerce Department figures have shown. | Construction of new US homes fell more than expected last month to reach its lowest level in almost 18 years, Commerce Department figures have shown. |
| The number of new houses and apartments being built in September declined 6.3% compared with the same month in 2007. | The number of new houses and apartments being built in September declined 6.3% compared with the same month in 2007. |
| This fall was much more severe than the 1.6% dip that analysts had expected. | This fall was much more severe than the 1.6% dip that analysts had expected. |
| As a result, 817,000 new homes were built across the country last month on a seasonally adjusted basis, the slowest pace since January, 1991. | As a result, 817,000 new homes were built across the country last month on a seasonally adjusted basis, the slowest pace since January, 1991. |
| The fall in the construction of one-room apartments was even more pronounced, falling 11% from a year earlier to 544,000, the lowest figure since August 1982. | |
| The report added that the downturn in construction was most notable in the north-east of the country. | |
| 'Slide continuing' | |
| Mark Zandi, chief economist at Moody's Economy.com said the fall in construction was "a significant weight on the economy". | |
| "Not only is housing demand falling but builders can't get credit to build homes," he added. | |
| "The slide in construction will continue into next year." | |
| Fellow analysts said the situation will only improve when both the housing market and the wider economy recover. |