US HOUSING STARTS DROP TO 1.22 MILLION

U.S. housing starts fell 5.2% in September to a seasonally adjusted annual rate of 1.22 million, the Census Bureau reported, the third straight monthly decline after drops of 4.9% in July and 5.9% in August. Single-family starts slid 4.6% to 859,000, while construction of buildings with five or more units fell a sharper 7.2% to 349,000. Builders keep pulling back as mortgage rates and weak affordability freeze demand. $ITB homebuilders face a market still searching for a floor.