Housing starts in November were
up nearly 30% from a year ago as builders rushed to meet demand in a recovering housing market.
Housing starts grew at an annual pace of 1.09 million and the issuance of
building permits was also strong, up 7%.
A survey by the National
Association of Home Builders released December 17th showed builders reporting
the best sales conditions for single family homes in eight years.
A strong improvement in home
prices and a drop in unemployment and home foreclosures have combined to drive
a rebound in demand for homes.
Mortgage rates have been rising steadily for
months since hitting a record low in the spring. That has also increased demand
as potential buyers look to make a purchase before rates go higher.
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