New-home construction in the U.S. unexpectedly fell in December, indicating the industry lost some momentum entering 2016. Residential starts declined 2.5 percent to a 1.15 million annualized rate, from the prior month’s revised 1.18 million pace, a Commerce Department report showed Wednesday. The median forecast in a Bloomberg survey called for an increase to 1.2 million. Permits, a proxy for future construction, also fell on a decline in applications for multifamily projects. Housing demand would benefit from faster wage growth and more broad-based access to credit, allowing more Americans to take advantage of low ... (full story)