New US home construction up 6.7 percent, says government

WASHINGTON D.C.: A Commerce Department report issued this week reported that amidst an acute shortage of previously owned houses, in July US single-family homebuilding surged and permits for future construction rose.

However, mortgage rates increased again to near two-decade highs, which could slow the housing market rebound.

The figures followed news that retail sales rose strongly in July, which prompte