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HOUSING <br />2,400 <br />2,200 <br />2,000 <br />1,800 <br />c <br />D 1,600 <br />• 1,400 <br />• 1,200 <br />N <br />'0 1,000 <br />1- 800 <br />c <br />600 <br />400 <br />200 <br />0 <br />Annualized Housing Starts <br />• Multi Family Housing Starts <br />■ Single Family Housing Starts <br />1 <br />'Os 'O> '09 g11 � 10) Vs g1. g s) 14,gs31 gca' gcS <br />Source: US Department of Commerce <br />YOY (%) Change <br />24.0% <br />20.0% <br />16.0% <br />12.0% <br />8.0% <br />4.0% <br />0.0% <br />-4.0% <br />-8.0% <br />- 12.0% <br />- 16.0% <br />-20.0% <br />CM <br />CHANDLER <br />ASSET MANAGEMENT <br />S&P/Case-Shiller 20 City Composite Home Price Index <br />OS. O) %, 11 <br />Source: S&P <br />10) 1s <br />Recession <br />Housing starts dropped 8.5% in August to 1.307 million units, marking a pullback amid elevated inventory levels and a softening labor <br />market. Single-family starts fell 7.0% in August to 890,000 units, hitting their lowest level since July 2024. The S&P Cotality Case Shiller 20- <br />City Home Price Index recorded a 0.07% month -over -month decline in July, marking the fifth consecutive month of losses, while still <br />posting a modest year -over -year gain of 1.8%. Persistently high asking prices and elevated mortgage rates have continued to challenge <br />affordability, contributing to the recent cooling across the housing market. However, the Freddie Mac 30-year fixed mortgage rate <br />continued recent declines to 6.3% as of September. <br />16/73 <br />9 <br />