Home building activity, confidence drop in unison

More evidence that the nation's home builders are immersed in their worst funk in a generation: Construction activity and industry confidence has retreated to levels not seen since the 1980s and early 1990s. On Tuesday, the U.S. Commerce Department said single-family housing starts in July fell to a seasonally adjusted average of 641,000 units, the worst performance since January 1991. Builders pulled 589,000 permits for single-family homes, down 5.2 percent from June. The 589,000 permits represented the lowest total since August 1982.

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