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NAHB: Stage Is Set for Recovery

From the International Builders' Show in Las Vegas, the National Association of Home Builders released its 2010 residential construction forecast. The association is forecasting 697,000 total housing starts in 2010. The estimate, if correct, would be the second lowest annual housing start figure, but would mark a 25.9% increase over the 2009 mark of 553,800. The NAHB forecast expects the recovery to take place in the single-family sector, where starts are predicted to rise 37.7% from 443,000 in 2009 to 610,000 in 2010.  Multi-family starts are expected to decline about 23% to 87,000 -- a result of "an acute shortage of available financing," according to the NAHB.  01/20 HCN