-
U.S. Home Starts Fall More Than Forecast on Multifamily Drop
New-home building declined more than projected in October, led by a slump in apartment construction and showing fitful progress in residential real estate. Residential starts dropped 11 percent to a 1.06 million annualized rate, the slowest since March, from a revised 1.19 million pace the prior month, a Commerce Department report showed Wednesday. The median forecast in a Bloomberg survey called for 1.16 million. The most construction permits for single-family homes since 2007 indicates ground-breaking will rebound in coming months. The figures suggest the real-estate market is settling into a more sustainable pace, ... (full story)