Home Building Permits at Four Year High

Home starts meanwhile dropped for first time in three months

U.S. permits for future home construction touched their highest level in nearly 4-1/2 years in November, pointing to underlying strength in the housing market, even though starts dropped after three straight months of strong gains.

The Commerce Department said on Wednesday building permits increased 3.6 percent to a seasonally adjusted annual rate of 899,000 units, the highest since July 2008.