For the first time since August, housing starts saw a month-over-month gain in November, according to the U.S. Commerce Department. Single-family, privately owned housing starts were at an annual rate of 465,000, up 6.9 percent over the revised October figure of 435,000. Overall, privately owned housing starts increased 3.9 percent to a rate of 555,000 in November from 534,000 in October; however, this figure is 5.8 percent below the November 2009 rate of 589,000.
"Builders are very cautiously adding to their diminished inventories in preparation for the spring buying season and an anticipated modest revival in buyer demand when the economy shows more signs of improvement," said Bob Jones, chairman of the National Association of Home Builders (NAHB). "That said, we are still looking at a very low level of housing production, due largely to builders' inability to obtain construction financing."
