Home construction rises 8.2 percent in November
Washington AP reports housing starts rose 8.2 percent to a seasonally adjusted annual rate of 1.65 million in November, the strongest since July. Low mortgage rates and mild weather buoyed demand despite a weak economy and rising unemployment, with Freddie Mac noting rates near record lows earlier in the month.
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Washington
Commerce Department
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Merrill Lynch
Karen Dexter
National Association of Home Builders
Builders Boost Housing Starts Amid Incentive Push
Department of Commerce reports December optimism from builders with incentives such as discounts and paying closing costs. November housing starts rose 3.2 percent for single family to 1.26 million, while multi family jumped 30.1 percent to 346,000. Regional gains: Northeast 173,000, Midwest 382,000, West 372,000, South fell to 718,000.
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David Seiders
Association
Midwest
South
Ken Mayland
ClearView Economics
Federal Reserve
Housing and earnings lift stocks in broad rally
The market rose as November housing construction jumped 8.2 percent, the strongest since July, boosting hopes for an economic recovery. Dow climbed 106.42 to 9,998.39 as Best Buy and Circuit City led gains with better earnings, while GE DuPont IBM and others rose on upbeat forecasts and favorable outlooks.
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