Housing starts rise 0.9% to 891,000 rate in August
Construction on new U.S. homes nudged up 0.9% in August to a seasonally
adjusted annual rate of 891,000, as starts for single-family homes rose,
while volatile apartment starts dropped, the U.S. Department of
Commerce estimated Wednesday. Economists polled by MarketWatch had
expected overall housing starts in August to hit an annual rate of
921,000, compared with an originally estimated July starts rate of
896,000. On Wednesday the government revised July's starts rate to
883,000. In August, starts for single-family homes rose 7%, while starts
in buildings with at least five units fell 9.4%. Overall starts in
August were up 19% from the same period in the prior year, pointing to a
continuing rebound, though there's concern that rising mortgage rates
are slowing down the housing market's recovery. Also Wednesday, the
government reported that building permits, a sign of future demand, fell
3.8% in August to an annual rate of 918,000. Permits in buildings with
at least five units dropped 15.7%, while permits for single-family homes
rose 3%
Fail, but like all thing housing ( which the numbers are gamed ) stocks will see it as positive.
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