The Real Deal Miami

Housing starts, builder stocks rise

July 17, 2009 12:53PM

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.