U.S. home building unexpectedly fell in September and permits dropped to a one-year low amid acute shortages of raw materials and labor, supporting expectations that economic growth slowed sharply in the third quarter.
A separate report from the Mortgage Bankers Association on Tuesday showed mortgage applications for new home purchases decreased 16.2% in September from a year ago.
You're not a member! Trial today
Permits for future home building plunged 7.7% to a rate of 1.589 million units last month.
Despite the recent weak data the SPDR home builder ETF remains well supported.
