US housing starts bounce back sharply in July
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US housing starts bounce back sharply in July
US housing starts bounce back sharply in July
17/08/2004 13:36
WASHINGTON, Aug 17 (Reuters) - U.S. housing starts rebounded sharply in July, making up almost all the ground lost in a June slump by posting their largest monthly percentage gain since September 2002, a report from the Commerce Department on Tuesday showed.
Starts rose a healthy 8.3 percent to a seasonally adjusted annual rate of 1.978 million units in July, above Wall Street expectations. June starts were revised slightly higher, to a 1.826 million annual rate from the initially reported 1.802 million pace.
Analysts had been expecting starts to pick back up in July but at a slower clip, to 1.900 million units.
Lower home loan interest rates in the month aided buyers. In July, the average interest rate on a conventional 30-year mortgage loan dipped sharply, to 6.06 percent from June's 6.29 percent.
Building permits -- seen by many economists as an indicator of future building activity -- were also up in July. Permits advanced 5.7 percent to a 2.055 million annual rate, the third time in 2004 permits have been above the two million annual level. Permits were up 8.6 percent compared with July 2003.
Building permits had been projected to rise slightly to a 1.950 million rate
17/08/2004 13:36
WASHINGTON, Aug 17 (Reuters) - U.S. housing starts rebounded sharply in July, making up almost all the ground lost in a June slump by posting their largest monthly percentage gain since September 2002, a report from the Commerce Department on Tuesday showed.
Starts rose a healthy 8.3 percent to a seasonally adjusted annual rate of 1.978 million units in July, above Wall Street expectations. June starts were revised slightly higher, to a 1.826 million annual rate from the initially reported 1.802 million pace.
Analysts had been expecting starts to pick back up in July but at a slower clip, to 1.900 million units.
Lower home loan interest rates in the month aided buyers. In July, the average interest rate on a conventional 30-year mortgage loan dipped sharply, to 6.06 percent from June's 6.29 percent.
Building permits -- seen by many economists as an indicator of future building activity -- were also up in July. Permits advanced 5.7 percent to a 2.055 million annual rate, the third time in 2004 permits have been above the two million annual level. Permits were up 8.6 percent compared with July 2003.
Building permits had been projected to rise slightly to a 1.950 million rate
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