Home construction plunges 10.6 percent

WASHINGTON (AP) - Construction of new homes plunged last month as builders waited to see whether lawmakers would extend a tax credit for homebuyers. The Commerce Department says construction of new homes and apartments fell 10.6 percent in October to a seasonally adjusted annual rate of 529,000, from an upwardly revised 592,000 in September. Economists polled by Thomson Reuters expected a pace of 600,000. But builders could ramp up in the coming months, since Congress earlier this month gave first-time buyers until April 30 to qualify for the credit of up to $8,000. read more

NECN | November 18, 2009

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