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Housing market gets some positive news
Abu Dhabi News.Net
Sunday 18th May, 2008
There has been a slight ray of hope in the troubled US housing market with starts and permits showing a surprisingly strong jump in April.
For March, the Commerce Department revised higher housing starts to 954,000 units, from a prior estimate of 947,000, and construction permits to 932,000, from a 927,000-unit rate.
Construction permits, an indicator of future activity in the housing sector, climbed a robust 4.9 percent in April to 978,000 units.
The two indicators in April were at their highest level since February.
Housing starts had fallen in March to a 17-year low.
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