Friday, January 20, 2012

Summary Box: Home building weak in 2011 (AP)

POOR YEAR: December capped a third straight year of depressed home building and the worst on record for single-family construction. Builders started just 606,900 homes, about half the number that economists equate with healthy markets.

WEAKER MONTH: Builders broke ground last month on a seasonally adjusted annual rate of 657,000 homes, the Commerce Department said Thursday. A third straight increase in single-family home building was offset by a drop in volatile apartment construction.

OUTLOOK: Modest improvement at the end of the year lifted hopes for an eventual recovery. But the housing market still appears years away from full health.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20120119/ap_on_bi_ge/us_housing_starts_summary_box

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