That was flagged by other data on Wednesday showing applications for loans to purchase a home plunged last week to levels last seen in 1995. In addition, the jump in housing starts partially recouped the decline in August. The reports followed on the heels of news on Tuesday that confidence among single-family homebuilders slumped to a nine-month low in October, with builders reporting lower levels of traffic.
Single-family starts rose in the Midwest, West and the densely populated South, but plunged 19.0% in the Northeast. Since March 2022, the Federal Reserve has raised its benchmark overnight interest rate by 525 basis points to the current 5.25%-5.50% range.
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