Monday, October 21, 2019
US Housing starts fall from 12-year high
U.S. home building dropped from more than a 12-year high in September but single family home construction rose for a 4th straight month. This suggests that the housing market remains supported by lower mortgage rates as the economy is slowing. Housing starts declined to 9.4% to a annual rate of 1.256 million units last month. Now economist have forecast housing starts to decrease at a pace of 1.320 million units in September. Though housing did rise by 1.6% on a year-on-year basis in September. The housing market has perked up in recent months due to the Federal Reserve's monetary policy easing, which has pushed down mortgage rates from multi-year highs.
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It's key to watch what is going on in the housing market as this notes that it takes up about 3% of the economy. That is a large number in the grand scheme of things, so it is important to keep that area going strong.
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