Housing Construction Rises as Home Prices Fall
First time home buyers are in luck, construction of new U.S. homes rose in June to the highest level in seven months as builders rushed to pour foundations for homes that must be completed by the end of November in order to be eligible for a special tax break. Buyers can take advantage of a tax credit worth 10 percent of the purchase price, with a cap of $8,000, included in the federal stimulus package. On Friday, the Commerce Department said that construction of new homes and apartments jumped 3.6 percent last month to a seasonally adjusted annual rate of…