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Politics : HOWARD DEAN -THE NEXT PRESIDENT?
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To: Ann Corrigan who wrote (2198)1/21/2004 9:03:39 AM
From: Hope Praytochange  Read Replies (1) of 3079
 
Housing Starts Rise in December
By REUTERS

Published: January 21, 2004




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Filed at 8:35 a.m. ET

WASHINGTON (Reuters) - U.S. builders broke ground on new homes at faster-than-expected pace in December, closing out a robust year for the housing market on a strong note, a Commerce Department report showed on Wednesday.

Commerce said December housing starts rose 1.7 percent to a seasonally adjusted 2.088 million annual rate, the quickest pace since February 1984.

The gain defied Wall Street analysts' expectations for a decline in starts and was led by a gain in multi-family dwellings. Single-family housing starts actually slipped from the November rate.

November starts were revised slightly lower, to a 2.054 million rate from the initially reported 2.070 million pace.

Building permits, an indicator of future residential construction plans, also posted a gain in December, rising 3.3 percent to a 1.924 million rate.

The housing market was one of the economy's strong spots in 2003, as extremely low mortgage interest rates lured buyers into the market and led many home owners to refinance their loans and free up cash. The 1.848 million homes started in 2003 were the most since 1978, the Commerce Department said.
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