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Homebuilding rises in October, provides more options for buyers


October nationwide housing starts increased 3.6 percent to an annual rate of 894,000 units.

A thinning property inventory left borrowers with limited options to make the transition to homeownership so far this year, but the residential construction rate spiked in October, which could give them more options in the near future.

During the month, nationwide housing starts increased 3.6 percent to an annual rate of 894,000 units, according to the U.S. Department of Housing and Urban Development. Meanwhile, on a year-over-year basis, the construction rate was up nearly 30 percent from October 2011.

"October's gain is centered in the West and Midwest with the South posting a small decline and the Northeast, which was hit by Hurricane Sandy at month end, posting a sizable decline," said analysts from Econoday.

However, the number of housing permits declined 2.7 percent during the month, which could result in fewer new home builds at the beginning of 2013.

With mortgage rates hovering near all-time lows, a greater number of borrowers could take advantage of the current level of affordability to purchase property. The fall and winter months often mark a decline in real estate activity, but this may not occur this year with interest rates and building activity at their current levels.

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