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Real estate market looking up! May housing construction jumps 17 percent

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Real estate market looking up! May housing construction jumps 17 percent - Real Estate Market - United States - Construction - Builders


U.S. builders broke ground on more houses than forecast, as multifamily units surged and single- family units rose by the most since January 2006.



The 17 percent increase in overall starts to an annual rate of 532,000 followed a 454,000 pace the prior month, theCommerce Departmentsaid today inWashington. Building permits, a sign of future construction, also rose more than forecast.

Lower prices and tax incentives are attracting buyers into the market, potentially laying the groundwork for housing to rebound and reduce its drag on the economy. Still, rising unemployment is causing many Americans to hold off on big purchases and foreclosures continue to mount, so a sustained recovery in homebuilding may take longer to emerge.




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