WASHINGTON, Nov 20: US housing starts rebounded 3 per cent in October after falling sharply in the prior month, a government survey revealed on Tuesday.
The report showed the pace of new home construction at an annualised rate of 1.229 million units. The rebound in starts defied the expectation of most economists, who had forecast October housing starts of 1.175 million.
The Commerce Department revised up its reading for September slightly to show a rate of 1.193 million units from an earlier estimate of 1.191 million.
The report showed building permits, a sign of future construction activity, fell 6.6 per cent to a weaker-than-expected annual pace of 1.178 million.
Despite the rebound in housing starts, the US housing market remains under pressure. Starts have fallen 16.4 per cent from October of 2006 as property sales have slowed and home foreclosures have surged. —AFP
