US housing starts hit 18-month lows

Construction of new US homes hit 18-month lows in July, according to Commerce Department data on Tuesday that suggested that interest rate hikes by the Federal Reserve were boosting mortgage rates that in turn were strangling the property market, reported Sputnik.

New residential construction, or housing starts as they are popularly known as, fell by 9.6% last month to 1.446 million, hitting February 2021 lows.