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November 19, 2009

October home construction plunges unexpectedly

WASHINGTON (AP) — Construction of new homes unexpectedly plunged last month, as builders waited to see whether lawmakers would extend a tax credit for homebuyers.

The results show how much the housing market has been relying on government support for its fledgling recovery. The tax credit of up to $8,000 for first-time owners was due to expire on Nov. 30, but Congress voted to extend it earlier this month and expand it to more buyers, after intense pressure from real estate agents and home builders.


 
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