First time home buyers are in luck, construction of new U.S. homes rose in June to the highest level in seven months as builders rushed to pour foundations for homes that must be completed by the end of November in order to be eligible for a special tax break. Buyers can take advantage of a tax credit worth 10 percent of the purchase price, with a cap of $8,000, included in the federal stimulus package.

On Friday, the Commerce Department said that construction of new homes and apartments jumped 3.6 percent last month to a seasonally adjusted annual rate of 582,000 units, from an upwardly revised rate of 562,000 in May. The figured surpassed the 530,000-unit pace estimate that economists predicted, and was the second straight monthly increase after April’s record low of 479,000 units, prompting one economist to write that, “[it is] the most positive housing report in ages.” Meanwhile,