Industry NewsMarkets & Economy

Housing starts rise for 3rd straight month

Multifamily starts jump 114% year-over-year

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Homebuilders broke ground on more new homes in September for the third straight month, according to a report by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). Private housing starts hit a seasonally adjusted annual rate of 610,000 last month -- the highest level in five months and a 28 percent gain from the lowest level ever recorded by the Census Bureau: a rate of 477,000 in April 2009.Last month's rate is also a 0.3 percent increase from an upwardly revised rate of 608,000 in August and a 4.1 percent jump from 586,000 in September 2009, according to the report. "Today's numbers are in line with our latest builder surveys, which indicate that stability is slowly returning to the new-homes market following the declines we saw upon expiration of the homebuyer tax credits and the slowing of economic growth this summer," said David Crowe, chief economist for the National Association of Home Builders, in a statement. Builder confidence i...