Housing Starts Up 6.7% in November

Construction of new homes rebounded in November, rising 6.7% to a seasonally adjusted annual rate of 1.588 million, after a 14% drop in October, according to a Commerce Department report.

Building permits were off 3%, to a seasonally adjusted annual rate of 1.506 million ,to a nine-year low.

The pace of starts in November was above the expected 1.54 million, while permits fell short of the 1.55 million expected by economists.