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US homebuilding rose more than expected in October, suggesting that the housing market continues to be supported by historically low mortgage rates even as the economic recovery shows signs of strain against a backdrop of resurgence of new Covid-19 infections.
Housing starts rose 4.9% to a seasonally adjusted annual rate of 1.530 million units last month, the Commerce Department said on Wednesday. Data for September has been revised at a rate of 1.459 million units from the 1.415 million previously reported.
Economists polled by Reuters had predicted that startups would increase at a rate of 1.460 million units in September.
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