by Myles Biggs
Home builders broke ground on more homes in November than at
any other time in over five years.
Recent data from the Commerce Department in Washington,
revealed that housing starts jumped 22.7 percent to a 1.09 million
annualized rate - exceeding all forecasts of economists surveyed by Bloomberg and the most since February
Additionally, permits for future projects have held near a five-year
high, indicating that this housing pickup will continue into 2014.
As a show of confidence in the U.S. housing market, Federal
Reserve officials announced yesterday that they will begin reducing monthly
bond purchases to $75 billion from $85 billion as employment, housing and the
economy show signs of progress.