Housing starts drop 5% to 8-month low

Housing starts drop 5% to 8-month low
WASHINGTON (MarketWatch) - Ground-breaking on new housing units fell sharply after a federal taxAfter a 15% drop in May, housing starts fell another 5% in June to a seasonally adjusted annual rate of 549,000 in June, the lowest level in eight months, the Commerce Department estimated.
The drop was worse than the 3% decline to 575,000 expected by