WASHINGTON — Housing starts in the U.S. unexpectedly rose last month from a three-year low, as falling mortgage rates began to draw buyers back into the market, a sign the housing slump may be nearing bottom.
Housing starts increased 5.9 percent to an annual rate of 1.772 million from a 1.674 million pace in August, the Commerce Department said today in Washington. Stepped-up construction in the Midwest and the South made up for declines in the Northeast and the West. Building permits dropped for an eighth straight month to the lowest level in almost five years.
Builders broke ground on new projects last month after cutting prices and offering incentives to clear out inventories of unsold homes. An index of homebuilder confidence increased this month for the first time in a year, led by rising sales expectations for the next six months.
Source: Bloomberg News
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