The housing market recovery looks to be back on track after stalling last year as groundbreaking for new home construction and new building permits soared last month. New starts rose 15.7 percent to a seasonally adjusted annual 1.09-million unit pace, snapping two straight months of declines, the Commerce Department said on Tuesday. June's starts were revised to show a 945,000-unit pace instead of the previously reported 893,000-unit rate. Economists polled by Reuters had expected starts to rise to a 969,000-unit rate last month. The housing market is regaining its footing after being slammed by last year's run-up in interest rates. A shortage of properties for sale has also lifted prices, pushing housing out of the reach of many first-time buyers. IN DEPTHBuying a new home? $1,000 could make all the differenceForeclosure Suicides Reveal Darkest Side of The Housing CrisisNation of Renters: Fewer Americans Now Own Their Own Homes - Reuters