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US Housing Market Adjusts, Opening Doors for Buyers
US housing starts fell 12.4% in July to an annual rate of 1.239 million, a sharper decline than expected, with single-family starts down 9.9% and multi-family starts down 16.8%. Building permits rose 5% to 1.443 million, led by a 9.6% increase in multi-family permits. Despite rising permits, single-family construction is expected to remain weak due to high mortgage rates and elevated inventory. Homebuilder confidence slightly improved in August.