Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! Housing starts fell 8.1% to a seasonally adjusted annual rate of 1.44 million units last month, the Commerce Department said on Wednesday. At the same time, data for August was revised lower to rate of 1.566 million units from the previously reported 1.58 million units.
Economists note that the U.S. housing sector continues to struggle as rising interest rates drive mortgage rates to their highest level in 20 years. Along with rising mortgages, many consumers are being priced out of the market as prices remain stubbornly high.
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