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The Commerce Department reported Tuesday that housing starts rose a bit in September, helped by a rise in single-family home construction, but this bit of good news came with some bad news that applications for new home construction were down in the month.
According to the report, construction of new homes and apartments rose by 0.5% in the month, to an annualized rate of 590,000 units. While any growth for housing starts comes as good news in the current market, it is not as good as it appears at first glance, considering that analysts had been expecting to see the annualized rate increase to 610,000 units.
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