Types Of Bankruptcy

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June 21st, 2007

Housing starts slip in May, but permits up

“With nonprime lending at nearly 40 percent last year, the effect could be even greater”

By Patrick Rucker

WASHINGTON (Reuters) – U.S. home construction fell last month for the first time since January, as builders struggled with a glut of unsold homes, but permits for future construction rose, offering mixed signals on the housing outlook.

Housing starts slipped 2.1 percent to an annual pace of 1.474 million units in May compared with a 1.506 million unit pace in April, the Commerce Department said on Tuesday.

The level of starts was a touch below what was expected on Wall Street, but permits for future groundbreaking rose 3 percent to a faster-than-expected 1.501-million unit rate. Read more



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