WASHINGTON (AP) -- Construction of homes and apartments fell in July to the lowest level in more than 17 years, but some economists said the drop could aid the slumping housing sector by helping reduce a glut of unsold properties.The Commerce Department on Tuesday said builders broke ground on 965,000 housing units on an annualized basis, down from a pace of 1.08 million in June and the weakest showing since March 1991.
However, July's performance was better than the 950,000 rate analysts expected.
The report showed that July construction of single-family homes fell by 2.9 percent from the previous month to a pace of 641,000. That was the lowest since January 1991, when the economy also was in distress.
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