NEW YORK (CNNMoney) -- The home building industry flexed a little muscle in August as both building starts and permits rose substantially compared with a year earlier, according to a government report issued Wednesday.
Builders started on new homes at an annualized rate of 750,000, up 29.1% compared with a year earlier when only 581,000 homes were started and a rise of 2.3% from the month before. They applied to build another 803,000 new homes, a 24.5% jump compared with August, 2011 and a slight drop from July.
Home builders have become increasingly bullish, as measured by a builder confidence index from the National Association of Home Builders, which reached its highest level since June, 2006.
"This fifth consecutive month of improvement in builder confidence provides further assurance that the housing market is moving in a positive direction," said NAHB Chairman Barry Rutenberg, a home builder from Gainesville, Fla.
The builders have been buoyed by an increased stream of potential buyers coming to examine model homes, according to NAHB's chief economist, David Crowe. Those should translate into increasing sales going forward. 
First Published: September 19, 2012: 8:45 AM ET
19 Sep, 2012
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Source: http://rss.cnn.com/~r/rss/money_topstories/~3/PKG6r_MeYMc/index.html
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