Housing construction slumps 7% in July

Home construction fell a sharp 7 percent in July as homebuilders struggled to cope with a variety of headwinds. The July decline put home construction at a seasonally adjusted annual rate of 1.53 million units, the Commerce Department reported Wednesday. Applications for building permits, which can forecast future activity, rose 2.6 percent in July from the June level to an annual rate of 1.64 million units.