Housing starts exceed 1 million pace for 3rd month
New-home construction in the U.S. exceeded a 1 million annualized pace in November for a third consecutive month, continuing a slow recovery in the housing market.
While housing starts declined 1.6% to a 1.03 million annualized rate, they retreated from a 1.05 million pace in October that was stronger than previously estimated, figures from the Commerce Department showed in Washington.
The median estimate of 76 economists surveyed by Bloomberg News was for a 1.04 million rate. The last time starts exceeded 1 million for three months straight was in early 2008.
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