Starts for U.S. single-family homes rose for a second straight month in October and building permits neared a 6-1/2-year high, suggesting the housing market was still on a recovery path. The Commerce Department said on Wednesday groundbreaking for single-family homes, which account for more than two-thirds of the market, increased 4.2 percent to a seasonally adjusted 696,000-unit annual pace, the highest since last November. At the same time, permits for single- and multi-family housing jumped 4.8 percent to a 1.08 million-unit pace, the highest since June 2008. It also was the second straight monthly gain. A separate report from the Mortgage Bankers Association showed applications for loans to purchase homes surged last week as low rates lured potential buyers. [Read this article]
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