Market Update: Housing Starts Plunge in August

Housing starts dropped 5.8 percent in August to a seasonally adjusted rate of 1.14 million units. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“As we’ve seen in the past, this data can be very volatile regionally. A bright spot in today’s report was a steady rise in permits for single-family homes in the south. That coupled with a recent surge in homebuilder sentiment could set up for strengthening momentum heading into the fall months.”

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