Sept housing starts -4.7% to 1.127m SAAR,...>

US DATA: Sept housing starts -4.7% to 1.127m SAAR, below the 1.170m 

rate expected following mixed revisions to the previous two months. 

Starts were -9.3% in the South region, likely reflecting some hurricane 

impact, but Commerce did not comment on the impact on the September 

data. Starts also down in NE and MW, up in West. Single-family starts 

-4.6%, while multi-family starts -5.1%. Building permits -4.5% to 1.215m 

SAAR, but single-family +2.4% and multi-family -16.1%. Completions +1.1% 

to 1.109m SAAR. 3Q average for starts roughly unch from 2Q average, but 

permits up modestly. The NAHB's index for Oct rebounded sharply when it 

was reported Tuesday from the dip in Sept when builders were concerned 

about labor and materials shortages. See MNI main wire.