US Housing Starts Rise in April

U.S. housing starts jumped in April and building permits hit their highest level in nearly six years, offering hope that the troubled housing market could be stabilizing.

The Commerce Department said on Friday groundbreaking increased 13.2 percent to a seasonally adjusted annual pace of 1.07 million units, the highest level since November 2013. All four regions of the country reported increases.

Starts rose by a revised 2.0 percent in March, compared to a previously reported 2.8 percent gain for that month.

Economists polled by Reuters had forecast starts rising to a 980,000-unit rate last month. Compared to April last year, groundbreaking was up 26.4 percent.

The dollar pared losses against the yen, while U.S. Treasury debt yields rose after the data.

via Reuters

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