US Housing Starts Rebound in August
US single-family homebuilding increased by 7.6 percent in August to a rate of 918,000 units. However, building permits dropped, suggesting the housing improvement may be temporary amid rising mortgage rates.
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United States single-family housing starts jumped 7.6% to an annual rate of 918,000 units in August, according to the Commerce Department. The rebound follows surging mortgage rates driven by geopolitical tensions in the Middle East. Higher borrowing costs threaten to reverse residential construction gains heading into the final quarter.
