Completions of new homes in the nation...

Completions of new homes in the nation fell in May as a steep decline in the number of multi-unit buildings completed more than offset a modest rise in finished single-family homes, the Commerce Department said. The number of houses completed in May fell 10.8% to a seasonally adjusted annual rate of 1.46 million units after rising 2.3% in April to 1.64 million units. The latest decline left housing completions 13.6% below the May, 1987, rate of 1.69 million units. The overall May decline was caused by a 36% plunge in completions of buildings containing two or more units to a 372,000 annual rate after they rose 15.3% in April to a 581,000 rate, the department said.