WASHINGTON • U.S. developers broke ground on new homes at a faster pace in July. But the rise was all due to apartment construction, which is typically volatile. By contrast, builders began work on fewer single-family homes — the bulk of the market — and sought fewer permits to build them.
Friday’s report from the Commerce Department suggests that home building is maintaining its recovery but might be starting to feel the effects of higher mortgage rates.
Last month, builders began work last mon...
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