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U.S. housing starts fall 9 pct in September

Xinhua, October 19, 2016 Adjust font size:

U.S. housing starts fell in September while applications for building permits increased compared with the prior month, the U.S. Department of Commerce reported Wednesday.

U.S. privately-owned housing starts were at a seasonally adjusted annual rate of 1,047,000 last month, 9 percent below the revised August rate and 11.9 percent below last year's level.

Single-family housing starts in September stood at 783,000, 8.1 percent above the revised August figure of 724,000.

Privately-owned housing units authorized by building permits, a gauge of future construction, were at a seasonally adjusted annual rate of 1,225,000, 6.3 percent above the revised August rate and 8.5 percent above the September 2015 estimate.

The U.S. housing market has remained solid in the first half of 2016 driven by sustained job growth and falling mortgage rates. However, narrowing stocks and advancing prices have dimmed its future growth prospects, according to the National Association of Realtors. Endi