US home construction slumped in August; big dip in the South

WASHINGTON - Southern homebuilders pulled back on construction in August, causing the pace of housing starts nationwide to fall to their lowest level in three months.The Commerce Department says ground breakings dropped 5.8 percent to a seasonally adjusted annual rate of 1.4 million from 1.21 million in July. That pace of construction was the lowest since May.Starts plummeted 14.8 percent in the South, likely reflecting the monthly volatility of the government report. Building activity increased