Home Wealth  Money Housing Starts Dip, Builder Sentiment Improves

Housing Starts Dip, Builder Sentiment Improves

Posted: Nov. 18th, 2011  |  By Forbes

powered by Forbes

RSS Syndicated News Email a Friend Suggest an Article Share Visit Website

Housing starts fell slightly in October, down 0.3% to a seasonally adjusted annual rate of 628,000 units. Economists had anticipated a bigger decline in housing starts.

The Commerce Department revised its estimates of housing starts in September, saying construction of new residences rose 7.6% instead of its initial 15% forecast.

Also today, the National Association of Home Builders/Wells Fargo Housing Market index rose three points in November, to 20.

A reading above 50 indicates an overall positive take on the real estate market, but this month's reading of 20 is the highest level on the index since May 2010.

And, the Labor Department said today that initial jobless claims fell to a seven-month low for the week ending November 12.

The count of first-time filings for unemployment benefits fell by 5,000, to a seasonally adjusted 388,000. A check of some home builder stocks following the news:

The iShares Dow Jones US Home Construction Index Fund is trading up .6% Thursday.

The top holding in the fund, NVR is trading up over .8%, while #2 holding DR Horton trades up over 1.1%, and third-largest holding Lennar (nyse: LEN - news - people ) trades up .6%.

The SPDR S&P Homebuilders ETF is trading up over .5% Thursday.

Market News Video produces and distributes online videos about stocks and investing.




Share on Facebook Share
See Next Article
Need to Get Away?
Top 10 Business Hotels
Who says you canít mix business with pleasure?
Read More
More Articles from Forbes.com

advertisement
Quick Links
Autos
Boating
Real Estate
Luxury Travel
Fashion
Search Real Estate
Find Your Dream Home
Search for homes by
State, Country or Style.
Event Calendar
advertisement
Current News & Features
Audi Holds First Womenís Track Day With 2017 R8 Coupe
Has LVMH Unleashed China's First Great Red Wine?
The Hawaiian Community Attracting Billionaires
Chilean Wines: Long on Unique and Flavorful Notes
The Planar Magnetic Audeze SINE Headphones Make Every Genre Sound Great
Chef Craig Strong Dishes on His Award-Winning Laguna Beach Restaurant
Fast Times: Test-Driving the New Porsche 718 on California's PCH
Chef Jeanie Roland Dishes on her R.I. Eatery, Taylor Swift & Bobby Flay
A Culinary Marriage of Savory Proportions
Why the Culturally Perceptive are Heading to Austin
See the complete list
 
Featured Photo Gallery
See the complete list
THINGS WE LIKE