Housing starts slipped about 10% to 1.85 million, with luxury properties suffering the biggest hit proportionately. Construction contribution to the GDP growth won’t shrink, as increased public and commercial building will offset home starts. Kiplinger projects that total home sales for the year face a 6% decline to 7.85 million. Fed’s 3/26/06 quarter % point increase was the 15th raise since 06/04. NJ inventory of unsold homes was 42,500 in Dec. 2005. Dec. 2004 was 31,000 homes.
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