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November 19, 2009

Weak home building drags U.S. recovery

  • The weak figures show builders fear there aren't enough buyers to soak up the glut of unsold homes.
    • By ALAN ZIBEL and MARTIN CRUTSINGER
    AP Business Writers

    WASHINGTON — The budding economic recovery is getting little help from the home building industry, which normally creates jobs and boosts growth as a recession ends.

    Construction of homes unexpectedly plunged last month to its lowest point since April, the Commerce Department said Wednesday. The weak figures show that builders fear there aren't enough buyers to soak up the glut of unsold homes already on the market — a supply magnified by record-high foreclosures.


     
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