Market Update: Housing starts tumble 18.7 percent

Housing starts fell 18.7 percent in November to a seasonally adjusted rate of 1.09 million units. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“This month’s report is a prime example of the volatile nature of this data. Looking at the big picture we have seen improvement, albeit choppy. While demand continues to rise, a recent surge in home builder sentiment coupled with rise in single family permits are an encouraging step forward to help ease the shortage for housing.”

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