New housing construction in the U.S. dipped more than expected in July, but an equally unexpected strong jump in construction permitting offers hopes for the future of the beleaguered housing market. According to figures released Thursday by the Commerce Department, new privately-owned housing starts came in at a seasonally adjusted annual rate of 746,000, a 1.1 percent drop from June levels. Most economists had predicted a drop in housing starts from the rebound in June, but most had expected it to remain at a somewhat higher 750,000 annual rate. The June rebound also proved to be somewhat less strong than initially reported. Preliminary figures had put the June rate of housing starts at 760,000. However, new building permits, often viewed as an indicator of future housing starts, jumped significantly in July, rising 6.8 percent to a seasonally adjusted annual rate of 812,000 - the highest level since August 2008.