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October 18, 2018

Housing starts sank 5.3%; Hurricanes and rising mortgage rates to blame?

By JOSH BOAK
AP Economics Writer

WASHINGTON — U.S. home construction fell 5.3 percent in September, a sign that recent hurricanes and rising mortgage rates may be weighing on the market.

The Commerce Department said Wednesday that housing starts slipped last month to a seasonally adjusted annual rate of 1.2 million, down from 1.27 million in August. So far this year, starts have increased 6.4 percent. But the pace of homebuilding has downshifted since May.


 
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