By Greg Robb
WASHINGTON (MarketWatch) - New construction of U.S. houses rebounded in November from a sharp drop in the prior month, the Commerce Department estimated Wednesday. Starts rose 8.9% in November to a seasonally adjusted 574,000 annualized units stronger than the 563,000 pace expected by economists surveyed by MarketWatch. This is the biggest percentage increase in starts since May. It comes after a sharp 10.1% decline in October. Starts of new single-family homes rose by 2.1% to 482,000 in November, while starts of large apartment units jumped 67.3% to 92,000. Building permits, a leading indicator of housing construction, rose 6.0% to a seasonally adjusted annual rate of 584,000. This is the highest level of permits in the past year.
