WRAPUP 1-U.S. housing starts rise; permits highest in over 12 years

U.S. homebuilding rebounded in October and permits for future home construction jumped to a more than 12-year high, pointing to strength in the housing market amid lower mortgage rates. The report from the Commerce Department on Tuesday also showed an increase in home completions and the stock of homes under construction, which could help to ease a supply squeeze that has plagued the housing market. Housing starts increased 3.8% to a seasonally adjusted annual rate of 1.314 million units last month, with single-family construction rising for a fifth straight month and activity in the volatile multi-family sector rebounding …read more

Source:: Yahoo Finance