15 weeks 3 hours 20 min ago Construction of new homes rebound in April

WASHINGTON (AP) - Construction of new homes posted the biggest
increase in more than two years in April, a rare bit of good news
in what has been the worst downturn in housing in more than two
decades.

The Commerce Department reported Friday that housing
construction rose by 8.2 percent in April to a seasonally adjusted
annual rate of 1.03 million units. A big jump in apartment
construction offset further weakness in single-family homes. The
gain represents a recovery after a steep slump in March building
that had pushed activity to the slowest pace in 17 years.

However, the surprising rebound in April was expected to be
temporary, given the headwinds builders are confronting at the
present - from slumping sales to soaring home foreclosures.

(Copyright 2008 by The Associated Press. All Rights Reserved.)