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US housing starts beat expectations in October

[WASHINGTON] US homebuilding increased more than expected in October, suggesting the housing market continues to be sustained by historically low mortgage rates even as the economic recovery shows signs of strain amid a resurgence in new Covid-19 infections.

Housing starts rose 4.9 per cent to a seasonally adjusted annual rate of 1.530 million units last month, the Commerce Department said on Wednesday. Data for September was revised up to a 1.459 million-unit pace from the previously reported 1.415 million.

Economists polled by Reuters had forecast starts increasing to a rate of 1.460 million units in September.


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