U.S. housing starts fell during the month of July, making this the third consecutive month of falling starts, according to a recent article by Reuters. The biggest decline was seen in multi-family units. Despite these shortcomings, permits reached a seven-month high, offering some hope in the housing market.
In total, housing starts dropped 4%, adjusted seasonally, according to the Commerce Department. Tropical Storm Barry may have impacted housing starts as well as other unusual weather patterns.
Lower mortgage rates have not helped the housing market as the lower rates also come with land and labor shortages. Housing remains one of the weaker parts of the U.S. economy.
—Christie Citranglo, editorial associate