The residential construction spending rate declined for the 18th straight month in August, the U.S. Census Bureau announced today, hitting its lowest level since November 2003 and dropping 16.5 percent compared to August 2006. The construction spending report heaps on more statistics reflecting a decline in the U.S. housing market -- earlier this week the Census Bureau announced that the new-home sales rate in August hit the lowest level for that month since August 1995, dropping 21.2 percent compared to August 2006. And the median new-home price dropped 7.5 percent compared to August 2006. On Tuesday, the National Association of Realtors reported that sales of previously owned homes hit a five-year low in August, and the sales rate dropped 12.8 percent compared to the same month last year...
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