Single-family home builders continued to slow the pace of new construction in June, according to the latest data released by the U.S. Commerce Department today.

"Builders continue to do their part to reduce inventories of unsold homes on the market by reining in new construction," noted Sandy Dunn, president of the National Association of Home Builders (NAHB) and a home builder from Point Pleasant, W.Va. "Now more than ever, it's up to Congress, which must finish its work on a badly needed housing stimulus package that will help stabilize the housing market and stem the negative effects of the housing downswing on our economy."

Congress has legislation on the tables now that would do such things as modernizes the FHA mortgage program and creates a temporary new tax credit.

The Midwest saw the biggest decline in new housing starts -- at 10.5 percent. The West saw an 8.2 percent decline. Building permits in the multi-family sector in New York boosted that region's stats for this report.

Published: July 18, 2008

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