April U.S. housing starts increased by the largest amount in more than two years, Boston.com reported May 17, 2008.
"The Commerce Department reported ... that housing construction rose 8.2 percent in April to a seasonally adjusted annual rate of 1.03 million units. While apartment construction rose 36 percent, building in the much larger single-family sector of the market fell 1.7 percent, the 12th consecutive monthly decline, pushing single-family activity down to a 16-year low."
Real estate analysts downplayed the increase, noting that all the strength came from the volatile apartment sector. Analysts believe the housing slump is far from over as a record flood of foreclosures continues to add to the sizable stockpile of unsold homes.
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