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0 <br />Housing <br />Housing Starts <br />2000 <br />1800 <br />1600 <br />1400 <br />1200 <br />1000 <br />800 <br />600 <br />400 <br />200 <br />0 <br />APb�1 �dL�1 �4��1 �01, A06 <br />Source: US Department of Commerce <br />2idL� q4g� tioG� �0,6 <br />S&P/Case-Shiller 20 City Composite Home Price Index <br />24.0% <br />21.0% <br />18.0% <br />a°10 15.0% <br />c <br />M <br />s <br />u 12.0% <br />0 <br />} 9.0% — <br />0 <br />6.0 % <br />3.0 % <br />0.0 % <br />Source: S&P <br />Total housing starts rose 9.8% month -over -month in February to 1,450,000 units and were down 18.4% compared to February 2022. Starts for <br />both single-family and multi -family homes increased as mortgage rates declined from recent peaks. The 30-year fixed rate mortgage fell to an <br />average of 6.24% according to Freddie Mac, down from a peak of 7.08% in October, but up from 4.67% a year ago. According to the Case-Shiller <br />20-City Home Price Index, the year -over -year increase continued its declining rate of gain to +2.55% in January from +4.62% in December, <br />clearly displaying the impact of higher mortgage rates year -over -year, which have reduced demand for homebuying as affordability has <br />declined. This is the lowest rate of annual appreciation since December 2019. <br />8 Qtt <br />21/76 <br />