U.S. Housing Starts Jump Nearly 3%

The US Commerce Department said today that the number housing starts for December increased 2.8 percent from the previous month to an annualized rate of 591,000. The continuation of a home-buyer tax credit is being credited with helping to boost demand for new homes.

“We’re in a slow and steady progress phase of the housing recovery,” said Aaron Smith, a senior economist at Moody’s Economy.com in West Chester, Pennsylvania, who forecast new-home construction would increase to a 590,000 pace. “The trend will be upward, but it’s going to be a bumpy path higher.”

Source: Bloomberg

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