Single-Family Housing Starts Rise 7% in August
NEW YORK ( TheStreet) -- Housing starts rose in August, but homebuilders are still building far fewer homes than expected.
Total housing starts for August was a seasonally adjusted annualized rate of 891,000, 0.9% higher than the downwardly revised July estimate of 883,000 and 19% above the August 2012 rate of 749,000.
Economists polled by Bloomberg expected housing starts to rise to 915,000 from the original estimate of 896,000.
Still, single-family housing starts rose 7% in August to a rate of 628,000 from July. Multi-family starts, which are more volatile, fell by nearly 10%.Building permits declined 3.8% from the upwardly revised July estimate of 954,000 to a seasonally adjusted annual rate of 918,000. Economists expected permits to rise to a rate of 950,000 from the original estimate of 943,000. Homebuilder confidence has been high in the last several months, but in the most recent survey
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