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The U.S. Commerce Department released the housing market data today. The U.S. housing starts in August dropped by 14.4% to a seasonally adjusted annual rate of 956,000 units from 1.117 million units in July, missing expectations for a decline to 1.040 million. July's figure was revised up from 1.093 million units.
The fall was driven mostly by a 31.7% decline in construction of multifamily units. Construction of multifamily units is a volatile segment.
The number of building permits in August fell by 5.6% to 998,000 units from 1.057 million units in July. July's figure was revised up from 1.052 million units. Analysts expected building permits to decrease to 1.040 million units.
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