U.S. Housing Starts in September Down 8.1%... Impact of Rising Mortgage Rates
[Asia Economy New York=Special Correspondent Joselgina] The U.S. Department of Commerce announced on the 19th (local time) that housing starts in September decreased by 8.1% from the previous month to 1.44 million units. This is below the market forecast of 1.46 million units.
Among these, single-family housing starts recorded 892,000 units, marking the lowest level since May 2020. This is interpreted as a consequence of mortgage rates recently exceeding 7% due to the Federal Reserve's aggressive interest rate hikes.
However, the number of new housing permits, an indicator that can gauge future housing market trends, increased by 1.4% from the previous month to 1.56 million units.
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Meanwhile, the National Association of Home Builders (NAHB)-Wells Fargo Housing Market Index (HMI) for October, which measures the sentiment of U.S. homebuilders, recorded 38, the lowest in 10 years except for the early pandemic period.
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