May 19, 1999 |
Construction of new homes and apartments fell for the third consecutive month in April, the government reported Tuesday, a sign that last year's record pace of home sales isn't likely to be matched. Starts fell 10.1% last month to a seasonally adjusted annual rate of 1.574 million, the biggest monthly decline in five years, Commerce Department figures showed. The decline followed drops of 0.1% in March and 3.7% in February. Even so, builders say 1999 will still be one of their best ever.