Construction of new homes and apartments plunged 14.3 percent in January, according to a U.S. Commerce Department report released today.

The Associated Press reported that the bigger-than-expected drop left construction at a seasonally adjusted annual rate of 1.408 million units, the lowest level in nearly 10 years. The stock prices of all 16 home builders in Standard & Poor’s indexes dropped after the report.

Yesterday, the National Association of Realtors said that sales of existing homes fell in 40 states and home prices dropped in 49 percent of the metropolitan areas surveyed, the widest price decline in the history of the association’s survey.

The news sparked fears that the overall housing slowdown may be far from over, putting a drag on the economy as construction spending slows and discretionary cash for consumers dries up.