Home Construction Leaps 17%

Homebuilders were busy in May, as housing starts took an unexpected 17% leap, Bloomberg reports. Lower prices and tax incentives were enough to bring in the buyers, bumping the annual rate to 532,000 homes, up from 454,000 in April. Building permits were also up more than forecast. “We’re nearing a bottom,” said one economist. “Housing starts will pick up by year-end.” (More housing starts stories.)