Housing Starts Decline: Construction of houses, apartments...

Housing Starts Decline: Construction of houses, apartments and condominiums fell 8% in the second quarter, F. W. Dodge Group of McGraw-Hill Information Services Co. said. Residential starts during the second three months totaled 388,926 units, the lowest in more than six years. George A. Christie, vice president and chief economist for F. W. Dodge, said the decline was the result of a surge in mortgage rates. Southern California starts fell more than the national average. The Los Angeles-Long Beach area fell 12%. The Riverside-San Bernardino area dropped 20%.