In a welcome bit of good news for the economy, housing starts surged forward in September, according to figures released today by the Commerce Department. The 15 percent gain in new home construction for that month put housing starts overall at their highest level since 2008.
And there are signs that this housing recovery could have some legs. Commerce also reported that new building permits increased by 12 percent, signaling that the boom in construction could continue for some time. And the third quarter of 2012 marked the sixth consecutive quarter in which housing starts improved.
Remember, the Fed's latest round of quantitative easing involved buying up mortgage-backed bonds. All this activity seems to be putting the still-shaky housing market back onto much more stable footing.
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