Bloomberg.com - Builders in the U.S. broke ground on more homes than anticipated in April, indicating the residential real estate industry is stabilizing.
Starts rose 2.6 percent to a 717,000 annual rate from March’s revised 699,000 pace that was stronger than previously reported, Commerce Department figures showed today in Washington. The median estimate of 80 economists surveyed by Bloomberg News called for a rise to 685,000. Building permits, a proxy for future construction, fell from a more than three-year high.
Employment gains, cheaper homes and record-low mortgage rates are combining to lift demand and encourage builders to take on projects.
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