Residential

Housing market shows glimmer of hope

September 21, 2010: 11:03 AM ET

Why the new housing numbers likely aren't a fluke, but a sign of the start of a housing comeback

New home construction in Rumson, New Jersey.

Image via Wikipedia

No doubt the housing market is still in turmoil, but signs today signal that it could be stabilizing.

Housing starts in August unexpectedly rose to their highest level in four months, the U.S. Commerce Department announced today. The 10.5% increase, reflecting a seasonally adjusted annual rate of 598,000 units,  is the biggest rise in housing starts since last November. What's more, permits for residential construction also rose. Following a 4.1% drop in July, new building permits rebounded 1.8% to a 569,000-unit pace in August. More

Current Issue
  • Give the gift of Fortune
  • Get the Fortune app
  • Subscribe
Powered by WordPress.com VIP.