US home building stuck near 50 year lows

Yahoo Finance

WASHINGTON (AFP) - Construction on new homes in the United States languished near their lowest levels in half a century last year, the Commerce Department said Wednesday, in a bleak snapshot of the housing market.

New housing starts across the United States stood at a measly 587,000 in 2010, up slightly from the year before, but still at the second lowest level since 1959.

"Housing starts are at extremely low levels and the outlook is not likely to improve any time soon due to high levels of inventories of unsold new homes," said economists at Briefing.com...

 http://news.yahoo.com/s/afp/20110119/ts_alt_afp/useconomyconstructionhousing