U.S. housing starts hit a million for second month
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Photographer: Ty Wright/Bloomberg
Bloomberg reports that builders have reached the 1 million mark in U.S. home starts in May. Paired with a strengthening job market, a retreat in mortgage costs in recent weeks, and warmer weather, residential real estate is picking up after a slow start for 2014.
Encouraging investors to buy foreclosed homes in bulk would help shrink the U.S. housing surplus, stabilize property prices and provide affordable rentals, Morgan Stanley housing analysts said in a report.
According to Bloomberg.com, figures from the Commerce Department indicate housing starts reached an 872,000 annual rate in September, the most since July 2008.