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By Geoffrey Smith
Investing.com -- The number of permits given to build new houses slumped in August, as higher building and borrowing costs tempered demand, but housing starts still posted their biggest monthly gain in over a year.
Building permits fell 10% from July to 1.517 million, their lowest level in two years. However, housing starts surprisingly bounced by over 12% to 1.575 million, comfortably beating expectations for a figure roughly unchanged from July.