US housing starts fell 8.5% in August while permits declined 3.7%. Completions climbed 8.4%.
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Federal Reserve Lowers Interest Rates by Quarter Point, First Cut Since December 2024
The Federal Reserve cut its benchmark rate by 0.25 points to 4.0–4.25% on Wednesday, the first reduction since December 2024.
Bank of Canada Lowers Interest Rate by Quarter Point, First Cut Since March
The Bank of Canada lowered its key interest rate by 25 basis points to 2.5%, its first cut since March, citing weaker growth and easing inflation pressures.
US Mortgage Applications Surge in the Week Ending September 12
Mortgage loan application volume jumped 29.7%, as refinance activity surged nearly 60%, MBA reported.
US Builder Confidence for Newly Built Single-Family Homes Holds Steady in September
The NAHB/Wells Fargo Housing Market Index held steady in September at 32. Sentiment has remained in negative territory for 17 consecutive months.
Canadian Housing Starts Decline in August
Canadian housing starts fell 16.0% in August to 245,791 units (SAAR), while the six-month trend increased 1.6% to 267,259 units, CMHC reported.
US New-Home Purchase Mortgage Applications Increase in August
Mortgage applications for new-home purchases rose 1.0% in August, MBA reported.
Canadian Consumer Price Index Increases 1.9% Year-Over-Year in August
Canada’s CPI rose 1.9% year-over-year in August, up from a 1.7% increase in July.
Canadian Prime Minister Mark Carney Announces Build Canada Homes Agency
Prime Minister Mark Carney unveiled Build Canada Homes, a CA$13 billion agency to expand affordable housing and ease risks in development.
Canadian Existing-Home Sales Post Best August in Four Years
Canadian home sales rose 1.1% in August, marking the best August since 2021, CREA reported.