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Home building took off in July as builders broke ground on new homes at their fastest pace of the year. Housing starts rose 15.7% from June to a seasonally adjusted annual rate of 1.1 million, the Census Bureau said Tuesday. The previous estimate for June also was revised up by 52,000 to 945,000. July’s home building rate solidly beat economists’ median forecast of 965,000 and was the strongest since November.

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