U.S. housing starts pause after hefty gains, building permits soar

U.S. housing starts fell in May after a hefty increase the prior month, but a surge in permits for future construction to a near eight-year high pointed to underlying strength in housing. The steadily firming housing market, marked by rising home prices and sales, is likely to be acknowledged by Federal Reserve officials, who were preparing to gather for a two-day policy meeting on Tuesday. The U.S. central bank is expected to raise interest rates later this year.

U.S. housing starts pause after hefty gains, building permits soar source: http://finance.yahoo.com/news/u-housing-starts-pause-hefty-130052671.html

U.S. housing starts pause after hefty gains, building permits soar

U.S. housing starts fell in May after a hefty increase the prior month, but a surge in permits for future construction to a near eight-year high suggested the pullback was temporary and pointed to underlying strength in housing. Groundbreaking dropped 11.1 percent to a seasonally adjusted annual pace of 1.04 mullion units, the Commerce Department said on Tuesday. Economists polled by Reuters had forecast housing starts falling to a 1.10 million-unit pace last month after a previously reported 1.14 million-unit rate.

U.S. housing starts pause after hefty gains, building permits soar source: http://finance.yahoo.com/news/u-housing-starts-pause-hefty-123045711.html