Construction of new U.S. homes fell drastically in April, the U.S. Commerce Department said in a Tuesday report. The Commerce Department said construction of new homes fell 10.6 percent in April from March to a seasonally adjusted annual rate of 523,000 homes. That is down nearly 25 percent from one year ago and less than half the 1.2 million homes per year that economists consider a sign of a healthy market. Tighter lending standards and millions of foreclosures are weighing on the housing sector, which is in the midst of one of its worst years in history.
