US home launches fell sharply in July, pressured by rising mortgage interest rates and rising building materials prices, suggesting that the housing market in the world’s largest economy may continue to contract in the third quarter. The US Commerce Department said on Tuesday that new home construction dropped 9.6 percent last month to an annual rate of 1.446 million units. The ministry slightly revised the June data to 1.599 million units from the previous reading of 1.559 million units. Economists polled by Reuters had expected housing starts to drop to 1.54 billion units. Future housing permits dropped 1.3% to an average of 1.674 million units.
Source: Al Ittihad
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