Housing starts rebound
Latest reading on real estate market shows surprising strength, bucking recent signs of weakness.
December 20, 2005: 8:41 AM EST
NEW YORK (CNNMoney.com) - Home building rebounded in November, as the latest reading on real estate market strength showed surprising strength after some recent signs of weakness.
The Census Bureau reported that housing starts rose to an annual rate of 2.12 million in November, from a revised 2.02 million in October. It was the third best month on record for housing starts, and followed a sharp drop seen in the October reading.
Economists surveyed by Briefing.com forecast that starts would come in at a 2.02 million pace in the month, which would have been a slight uptick from the original reading.
Building permits, which are seen as an indication of builder confidence in the housing market, rose to 2.16 million from 2.10 million in October. Economists had looked for that number to slip to 2.09 million.