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U.S. construction of new homes and apartments rebounded slightly in July, but analysts said the latest increase in interest rates will brake further an already-slowing housing market. The Commerce Department reported that housing starts rose 4.7 percent in July. Starts totaled 1.42 million at a seasonally adjusted annual rate in July, up from 1.35 million a month earlier, when housing starts had fallen 9.4 percent.
