Single-family housing starts fell 8.2% in September to a seasonally adjusted rate of 1.54 million units, according to new figures released Oct. 19 by the Commerce Department.Compared with the level of a year earlier, new housing starts rose 0.2%. Analyzing the results, Greenwich Capital noted that groundbreaking activity in the Northeast plunged 27%, but the firm blamed the decline on "weakness in the region" exaggerated by hurricane-related flooding that reached the Northeast. Overall starts, which include multifamily construction, came in at 1.90 million units, a 6% decline from the level of the previous month. Even though September's results were negative, the National Association of Home Builders released a new survey that finds builder confidence at a yearly high. The trade group says builders are optimistic because of improving economic conditions, low mortgage rates, and strong house-price performance. The Commerce Department can be found online at http://www.doc.gov.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
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