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Housing starts fall in sign of slow, steady recovery

New-home construction in Aug declines 3% to a 1.13m annualised rate from a 1.16m pace the prior month

Steady job gains and mortgage rates holding at historical lows are attracting more Americans to the real-estate market even as wage growth remains tepid. Permits to build single-family houses climbed last month to the highest level in seven years.


NEW-HOME construction in the United States fell in August, indicating the real-estate recovery will take time to evolve.

Residential starts declined 3 per cent to a 1.13 million annualised rate from a 1.16 million pace the prior month that was slower than previously...

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