US housing starts remain subdued in September. Residential housing construction eased 0.5% to 1.35 million units last month, which is close to the lowest level since the pandemic was raging. “With affordability still a pressing issue in many regions, home building will likely remain stagnant until the Fed is well into its easing cycle and mortgage rates have fallen another one percentage point,” writes Sal Guatieri, senior economist at BMO Capital Markets, in a note.
