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Housing starts rise to highest level in 4 years

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U.S. housing starts in October were up 3.6 percent from September and 41.9 percent from October a year ago to reach heights they haven't seen since 2008, according to the latest numbers from the U.S. Census Bureau. Builders started construction on new homes and apartment units during October at a seasonally adjusted annual rate of 894,000, up from a downwardly revised rate of 863,000 in September and last year's rate of 630,000, the Census Bureau said. Single-family housing starts dropped 0.2 percent from September to October, to a seasonally adjusted rate of 594,000, which represented a 35.3 percent increase from last October and a 68.3 percent jump from a March 2009 bottom of 353,000. Single-family housing starts are not rising as they often do coming out of a downturn, wrote Bill McBride, author of the blog, Calculated Risk. "Usually single-family starts bounce back quickly after a recession, but not this time because of the large overhan...