Getting your player ready...
WASHINGTON — Home construction rebounded last month to the highest level in 18 months as buyers capitalized on tax incentives. But now that those tax credits have expired, builders are scaling back.
Mortgage rates have remained near record- low levels. But high unemployment and tight lending standards, combined with the end of the tax credits, will keep a lid on home construction, analysts say. The rate of construction of single- family homes and apartment buildings rose 5.8 percent last month to a seasonally adjusted annual rate of 672,000, the Commerce Department said Tuesday.
That’s the highest level since October 2008 and was driven by a 10 percent increase in single-family homebuilding. The Associated Press
