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| Version 3 | Version 4 |
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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. |
| Analysts predict that housing construction will fall throughout 2009, and only grow again when the banking sector and wider economy recover. | Analysts predict that housing construction will fall throughout 2009, and only grow again when the banking sector and wider economy recover. |
| Not only is housing demand falling, but builders can't get credit to build homes Mark Zandi, Moody's Economy.com | Not only is housing demand falling, but builders can't get credit to build homes Mark Zandi, Moody's Economy.com |
| Until then, would-be new homeowners are finding that they either cannot afford to get their first mortgage, or that banks are reluctant to lend. | Until then, would-be new homeowners are finding that they either cannot afford to get their first mortgage, or that banks are reluctant to lend. |
| Without these would-be customers, homebuilders are cutting back on the number of new houses they build. | Without these would-be customers, homebuilders are cutting back on the number of new houses they build. |
| 'Slide continuing' | 'Slide continuing' |
| The report showed that 817,000 new homes were built across the country last month on a seasonally adjusted basis, the slowest pace since January, 1991. | The report showed that 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 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 study added that the downturn in construction was most notable in the north-east of the country. | The study added that the downturn in construction was most notable in the north-east of the country. |
| Mark Zandi, chief economist at Moody's Economy.com said the fall in construction was "a significant weight on the economy". | 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. | "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." | "The slide in construction will continue into next year." |
| Fellow analyst, Peter Kenny of Knight Equity Markets, added that construction levels will not rise again until the current glut of unsold properties is sold. | |
| "The housing inventory overhang needs to be digested in order for us to move forward," he said. |