Housing Boom is Over

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Home construction sees biggest drop in months
October data evidence that rising mortgage rates are cooling housing boom
The Associated Press
Updated: 10:42 a.m. ET Nov. 17, 2005


WASHINGTON - Home construction in October plunged by the biggest amount
in seven months, providing dramatic evidence that rising mortgage rates
are beginning to dampen the housing boom.


The Commerce Department reported that construction of new homes and
apartments fell by 5.6 percent last month to a seasonally adjusted
annual rate of 2.01 million units.
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