Housing starts in surprise October drop

Washington

US housing starts unexpectedly fell in October, but a jump in permits to near a 61/2-year high suggested the housing market was steadily regaining strength.

Groundbreaking slipped 2.8 per cent to a seasonally adjusted annual 1.009 million-unit pace, the Commerce Department said on Wednesday. September's starts were revised up to a 1.038 million-unit rate.