US Housing Starts Rise More Than Expected

The number of housing starts in August rose by 10.5 percent over the previous year as work began on 598,000 new homes. The number of actual new homes beat the forecast by 48,000 and building permits also rose.

“The housing market has found a bottom and we’re bouncing along here,” said Thomas Simons, an economist at Jefferies Group Inc. in New York. “The market is challenged by supply and until that is cleared out, it will be tough for the homebuilders. We also need additional job creation.”

Source: Bloomberg

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