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"Demand [on the housing market] is coming off the lows"
- Sean Incremona, an economist at 4CAST
Housing starts and building permits rose more than forecast in November, indicating the market is stabilizing heading into 2012. Starts and permits increased 9.3 and 5.7 per cent to seasonally adjusted annual rates of 685 and 681 thousand respectively, said the Census Bureau on Tuesday.
"It's a solid report," said Brian Jones, a senior U.S. economist at Societe Generale in New York. "For months we've been flagging the strength in multifamily construction, but now we're starting to get signs that single-family is pulling itself off the canvas."
"It is positive for the housing market, which is picking up from rather subdued levels. Demand is coming off the lows, so that is healthy," said Sean Incremona, an economist at 4CAST in New York.