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December 19, 2013 AT 12:41 AM
U.S. housing starts surged to their highest level in nearly six years in November, a sign of strength in the housing market that could give the Federal Reserve ammunition to start cutting back its bond purchases. The Commerce Department said on Wednesday housing starts jumped 22.7 percent, the biggest jump since January 1990, to a seasonally adjusted annual rate of 1.09 million units, the highest level since February 2008.