Tuesday, December 19, 2006

Forex News: 19.12.2006 U.S. housing starts increase 6.7% in November

Construction on new homes raised 6.7% in November after a whopping 14% drop in October.

Building permits, meanwhile, fell 3% to a nine-year low, signaling that the housing market remains very weak. Starts rose in November to an annual rate of 1.588 million. Starts are down 25.5% in the past year.

Building permits, considered a leading indicator, fell to a seasonally adjusted annual rate of 1.506 million. Building permits are down 31.3% in the past year.

The quantity of starts in November was above the expected 1.54 million, while permits fell of the 1.55 million expected by economists.

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