Building permits hit a five-year high in August
Thursday, September 19, 2013 11:07 AM
Groundbreakings for U.S. single-family homes rose in August and permits for future construction hit a five-year high, pointing to resilience in the housing market recovery in the face of higher mortgage rates, according to the U.S. Commerce Department,Reuters reported. Single-family starts surged 7 percent to an annual rate of 628,000 units last month, the highest level in six months. Single-family homes are by far the largest segment of the market. New apartments and condominiums tumbled 11.1 percent.