Privately owned housing starts saw a substantial year-over-year jump in May, following an even greater upwardly revised increase in April, according to a report by the U.S. Census Bureau and the Department of Housing and Urban Development. Housing starts rose an estimated 28.5 percent on an annual basis in May, to a seasonally adjusted annual rate of 708,000. That's 4.8 percent below April's upwardly revised estimate of 744,000 when housing starts rose 34.8 percent compared to April 2011. The previous estimate was 717,000. Source: Calculated Risk Housing starts have been rising on an annual basis since September 2011 and are now 48.1 percent above their trough in April 2009 -- 478,000 -- in census records dating back to January 1959.Source: Calculated Risk Regionally, the South saw the biggest year-over-year rise in housing starts in May, 39.5 percent, to an estimated 367,000. The West saw the second-biggest increase, 27.5 percent, to 167,000, followed by the Midwest at an...
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