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2026-09-17 20:58:10
[US Housing Starts and Permits Both Decline in August, Builder Confidence Nears Pandemic Lows] ⑴ US housing starts and building permits both unexpectedly weakened in August, amid a renewed decline in builder confidence. ⑵ The market had expected a drop in building permits and a rebound in housing starts from a sharp decline in July, but both fell month-over-month, far worse than expected. ⑶ On an annualized basis, housing starts have fallen to near post-pandemic lows, while building permits remain within the four-year range. ⑷ Details of the builder confidence data suggest this result is not surprising. ⑸ Recent increases in mortgage rates, coupled with sluggish sales leading to excess inventory, seem to have finally eroded builder optimism, and insufficient affordability is making the American Dream seem increasingly distant.
