Market Update: Housing Starts Climb to Highest Level in a Year

Housing starts in October rose 13.7 percent to a seasonally adjusted annual rate of 1.29 million units. Quicken Loans Executive Vice President of Capital Markets, Bill Banfield offers the following comments on the report:

“Even more encouraging than the above estimated housing starts rate is the pickup in permit applications for single-family dwellings, indicating that we should see more new construction in the coming months,” said Bill Banfield, Quicken Loans Executive Vice President of Capital Markets. “Despite monthly fluctuations, generally low mortgage rates also signal homebuilding activity across the country can be expected to grow steadily.”

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