Housing Starts Increase Wednesday, October 17, 4:29 PM ET
The Commerce Department announced on Wednesday that housing starts increased by 15 percent during September to a seasonally adjusted 872,000 units, beating analyst estimates. The new numbers represent the fastest pace of groundbreaking since the summer of 2008.
The housing sector, however, remains weak, with a glut of unsold home inventory, and housing starts still 60 percent below the peak in January of 2006.
Last month, homebuilder KB Home (NYSE:KBH) reported a profit for the third quarter that beat expectations. Standard Pacific (NYSE:SPF) will release its 2012 third quarter results after the market close on October 25, with analysts expecting the company to earn 6 cents per share.
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