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US Housing Starts Drop to Lowest Since 2020 While Permits Rise
New US home construction dropped in August to the lowest level since June 2020, highlighting the toll of declining housing affordability. Residential starts decreased 11.3% last month to a 1.28 million annualized rate, according to government data released Tuesday. The drop was largely driven by a sharp decline in multifamily construction. Applications to build, a proxy for future construction, picked up to 1.54 million. That’s the most in nearly a year. Permits to build one-family homes accelerated to the fastest pace since May 2022, indicating optimism about future demand. The recent pickup in mortgage rates has ... (full story)