U.S. building permits reach a 4-year high

Source: Bloomberg
U.S. building permits jumped to their highest level in four years in October, showing recovery signs in housing market. According to Commerce Department, housing starts gained 3.6% to 894,000 units on seasonally adjusted basis, reaching the highest rate since July 2008. The experts said that the hurricane Sandy did not have much impact on the data.
The Federal Reserve has chosen to prompt growth in housing market in September, by pledging to buy $40 billion in mortgage-backed securities per month to revive the labour market. Residential construction rose by 41.9% comparing with last year's October, while housing starts make 40% of their 2.27 million-unit high in January of the year 2006.
"Housing is absolutely going in the right direction. Excess supply has been wound down and there's a steady increase in demand," said Harm Bandholz, chief U.S. economist at UniCredit Group in New York.


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