The pace of home building slowed slightly in November but remained near the four-year high reached the previous month, according to a government report released Tuesday.
Builders started construction at an annual pace of 861,000 homes last month, the Census Bureau reported, down 3% from October's pace. But that still put starts 21.6% above year-ago levels -- another sign of the recent rebound in the housing market.
Part of the decline may have been the aftermath of Superstorm Sandy, which hit the Northeast on Oct. 29. The pace of housing starts in the Northeast dropped 5.2% compared with October.
But it's not just the storm's impact that lowered home construction in the impacted area, according to Pat Newport, a housing market analysts with IHS Global Insight. "Builder sentiment in the Northeast is a lot weaker than elsewhere," he said. Read more...
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