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Source: US Department of Commerce Source: S&P <br />Housing <br />0 <br />200 <br />400 <br />600 <br />800 <br />1000 <br />1200 <br />1400 <br />1600 <br />1800 <br />2000 <br />MOM Change (In Thousands of Units)Housing Starts <br />Multi Family Housing Starts <br />Single Family Housing Starts <br />0.0% <br />3.0% <br />6.0% <br />9.0% <br />12.0% <br />15.0% <br />18.0% <br />21.0% <br />24.0% <br />S&P/Case -Shiller 20 City Composite Home Price Index YOY( %) ChangeTotal housing starts declined 8.1%to an annual rate of 1,439,000 in September,after a downward revision to 1,566,000 units in August.Single- <br />family home starts fell 4.7%and multi-family starts fell 13.2%month-over-month.On a year-over-year basis,total housing starts decreased <br />7.7%reflecting a shift from single-family units to more affordable multi-family units as homebuyers struggle with a combination of elevated <br />prices and higher mortgage rates.Mortgage rates for a 30-year fixed-rate loan are higher than they have been since 2006 at 7.08%.According to <br />the Case-Shiller 20-City Home Price Index,the year-over-year increase continued its declining rate of increase to +13.1%in August,clearly <br />displaying the impact of higher mortgage rates which have reduced demand for homebuying as affordability has declined. <br />8