Housing starts fall more than expected in September, building permits rise

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• September Housing Starts: -8.1% M/M to 1.439M vs. 1.475M expected and 1.566M prior (revised from 1.575M).
• On a Y/Y basis, housing starts dropped 7.7%.
• Single-family housing starts were at a rate of 892K, 4.7% below the revised August figure of 936K.
• Building permits: +1.4% M/M to 1.564M vs. 1.550M expected and 1.542M prior (revised from 1.517M).
• On a Y/Y basis, building permits dropped 3.2%.
• Single-family authorizations, at a rate of 872K, were down 3.1% from the revised August rate of 900K.
• Earlier, mortgage applications continue to fall as interest rates surge