U.S. housing starts drop to lowest level since June 2020


The numbers: Construction of new U.S. homes fell 11.3% in August — falling short of Wall Street expectations — as builders scaled back new projects to focus on completions.

The pace of construction reversed course and fell as mortgage rates stayed over 7%, dampening home-buying demand. The last time construction of new homes was at this level was in June 2020.


This article was originally published by Marketwatch.com. Read the original article here.

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