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Nationally, November was the largest single month for housing starts since February 2008, according to a report released Wednesday by the U.S. Census Bureau. Housing starts for single and multifamily housing were at a seasonally adjusted rate of 1,091,000 in November, up from 889,000 in October. The 22.7 percent monthly increase was the largest since January 1990. Year over year, housing starts were up nearly 30 percent.

Data for the Portland-metro area reflects the national data, said Justin Wood, associate director of government affairs for the Home Builders Association of Metropolitan Portland.

Foreclosures are becoming less of an issue than they were because housing values are increasing and investors are buying foreclosed properties to generate income as rentals.

“We had been assuming that it was coming for a while because there was such a drop-off,” Wood said. “Houses just weren’t being created.”

While new home starts are up significantly, there is still room to grow, he said.

“Barring external factors beyond our control, all signs point to continued growth in the housing sector,” he said.