The federal government reported yesterday that home building fell sharply last month, yet another sign that the real estate market is nowhere near a bottom.

According to the Census bureau report, total housing starts dropped 11 percent from June’s revised numbers and were 29.6 percent below July 2007. Single-family starts dropped 2.9 percent for a year-over-year slide of 39.2 percent.

Building permits, which were buoyed last month by a revision in New York City’s building codes, dropped 17.7 percent, a fall of 32.4 percent from last year. Single-family permits shed 5.2 percent to a level a staggering 41.4 percent under July 2007.

Single-family housing starts fell to a 17-year low - at least the seventh-straight month of record lows. Permits fell to a level not seen in 26 years.

In the south, housing starts dropped 7.8 percent from June and 38.9 percent from last year. The number of housing permits also plunged, losing 4.7 percent from last month and 40.4 percent from July 2008.

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