US housing starts rebound, permits level in 12 yrs

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Real Estate

U.S. homebuilding rebounded in October and permits for future home construction jumped to a more than 12-year high, pointing to strength in the housing market amid lower mortgage rates.

The report from the Commerce Department on Tuesday also showed an increase in home completions and the stock of homes under construction, which could help to ease a supply squeeze that has plagued the housing market.

“This is an important report for future homebuyers since one of the largest deterrents to entering the market right now is the lack of robust housing options,” said Bill Banfield, executive vice president of Capital Markets at Quicken Loans in Detroit.

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