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Home Building Surges to Year’s Best Levels, Erasing Summertime Sadness; FHA/VA Over Half The Refi Market; Q3 Was Housing “Rough Patch”

Home Building Surges to Year’s Best Levels, Erasing Summertime Sadness; FHA/VA Over Half The Refi Market; Q3 Was Housing “Rough Patch”

It has been a while since all three measures covered in the residential construction report were strongly positive. In fact, certain metrics bordered on disconcerting during the summertime months. October's numbers represent a major departure from that previously stagnant theme. The joint report from the U.S. Census Bureau and the Department of Housing and Urban Development contained especially strong numbers for housing starts , which rose 13.7 percent from September to a seasonally adjusted annual rate of 1,290,000. The number represented the fastest pace since October 2016 and fell just 2.9 percent below that year-ago estimate of 1,328,000 units. Starts in September were also higher than originally reported, revised upward from 1,127,000 to 1,135,000. The start rate was well above even the
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