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Housing starts, builder stocks rise

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Housing starts nationwide rose in June, with the largest jump in construction of single-family homes since 2004, the Commerce Department said today. Starts rose 3.6 percent to an annual rate of 582,000, the highest since November. Mark Vitner, senior economist at Wells Fargo Securities, said that housing starts bottomed in the first quarter of this year. Economists had predicted that starts would fall to 530,000. Builder stocks rose on news of the increase.

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