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U.S. home construction hits highest pace in 5 years

U.S. home construction hits highest pace in 5 years

U.S. builders broke ground on homes at the fastest pace in more than five years, strong evidence that the housing recovery is accelerating despite higher mortgage rates.

The Commerce Department said that developers began construction on houses and apartments in November at a seasonally adjusted annual rate of 1.09 million. That’s 23 percent more than October’s pace of 889,000 and the fastest since February 2008, just a few months after the recession began. Read the rest of this entry