Construction spending up in October

A joint report from the U.S. Census Bureau and the U.S. Department of Commerce said construction spending during October was 0.8 percent above the amount in September, at an annual rate of $798.5 billion compared to $792.1 billion the month prior. Further, the figure was 0.4 percent below the the $802 billion spent in October 2010.

The report showed spending on private construction was 2.3 percent higher in October at an annual rate of $518.6 billion compared to September's $507.1 billion, while residential construction grew 3.4 percent at an annual rate of $239 billion. Nonresidential construction spending increased 1.3 percent in October compared to September at an annual rate of $279.6 billion.
As some homeowners are spending money on building a new home or renovating an existing one, others will be able to avoid eviction thanks to government-sponsored lender Freddie Mac. The lender announced all evictions on single-family properties that have been foreclosed with Freddie Mac mortgages will be suspended from December 19 to January 2, 2012.

The suspension is only for properties related to Freddie Mac-owned properties, and other foreclosure processes will not be affected by the suspension. The goal of the suspension is to prevent forcing people out of their homes during the holiday season.

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