Single-family permit data has been falling for months since mortgage rates rose toward 7.5% earlier in the year. Many smaller homebuilders can't pay down rates quickly, leading to the decline in single-family permits.
Housing permits, especially for single-family and 5-unit buildings, have been on the decline, but there was a slight month-to-month increase in 5-unit permits in this report.
Housing starts in June were above May estimates, yet still below the previous year's rates. Single-family housing starts are also below the revised May figures.
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