Total housing starts rebounded from a 13-month low to increase 5 percent in May as builders worked down a backlog of unfilled orders under unusually good weather conditions. Issuance of new building permits fell by 2.1 percent, continuing the moderate downslide from the peak last September.
The pace of new-home construction rose to a seasonally adjusted annual rate of 1.957 million units, according to figures released by the Commerce Department. This was 3.8 percent below the pace of
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