U.S. Homebuilding Booms in November as Falling Mortgage Rates Spur Demand
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U.S. single-family housing starts jumped 18% in November to a 1-1/2 year high, supported by falling mortgage rates and homebuilder incentives.
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Building permits for single-family homes also rose to the highest level since May 2022, pointing to further gains.
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The housing market is seen helping the economy avoid recession next year due to strong demand and tight supply.
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Single-family homebuilder confidence rebounded in December as builders reduced prices to boost sales.
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Overall housing starts surged nearly 15% in November; decline in multi-family building permits suggests cooling rental demand.