Unexpected Housing Rebound

There's been an unexpected rebound in housing construction, but it's not being seen as a sign of a turnaround.

The Commerce Department says home building was up by three percent in October. That's the first increase after three months of declines and the biggest advance since a six percent rise in February.

But all the strength came in the volatile apartment sector, which jumped by 44.4 percent.

Construction of single-family homes actually fell for a seventh straight month, declining by 7.3 percent in October compared to September.

And applications for building permits, seen as a sign of future activity, dropped for the fifth straight month. They fell 6.6 percent in October and are down almost 25 percent from a year ago.

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