More Americans renting homes since financial crisis

foreclosure

There will be more repossessions next year and tougher criteria banks are now imposing on potential borrowers.

The development of multi-family units – a category made up of apartments and townhouses – jumped 25.3 percent last month to an annual rate of 238,000, the Commerce Department said on Tuesday. That helped drive overall construction on new homes up 9.3 percent to an annual pace of 685,000, the strongest since the spring of 2010.

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