Housing starts 12-year high

with single-family construction rising for a fifth straight month and activity in the volatile multi-family sector rebounding solidly.

Data for September was revised to show homebuilding declining to a pace of 1.266 million units, instead of decreasing to a rate of 1.256 million units as previously reported. Economists polled by Reuters had forecast housing starts increasing to a pace of 1.320 million units in October.

Housing starts advanced 8.5% on a year-on-year basis in October. Building permits surged 5.0% to a rate of 1.461 million units in October, the highest level since May 2007. Permits were driven by the single-family housing segment, which increased 3.2% to the highest level since August 2007. continue reading

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