the numbers construction on new us homes fell a seasonally adjusted 81 in september to 144 million the commerce department said wednesday the drop in construction on homes reverses a sharp increase in august when housing starts rose 137 economics polled by the wall street journal expected housing starts to fall to a 147 million rate from june’s initial estimate of 158 million on a yearonyear basis housing starts are down 77 in september building permits for new homes rose 14 to 156 million in september economists had expected building permits to inch up to a 154 million rate from august’s initial estimate of 152 million key details starts of new holes fell 47 in september while apartment starts fell 131 permits for new homes fell 31 in september while apartment construction starts rose 82 big picture the housing market is weakening rapidly exacerbated by affordability concerns analysts are hoping that mortgage applications continue to fall last week and mortgage rates continued to climb what are they saying “elevated input costs and shortages coupled with weakening demand will continue to be constraints going forward” said rubella farooqi chief us economist at high frequency economics economists at contingent macro said “while strength in multifamily provided a modest offset to some of the initial weakness all signs suggest housing will be a considerable drag on growth late in the third quarter and into the fourth quarter” market reaction stocks djia spx were set to open lower on wednesday while the 10year treasury note tmubmusd10y rose to 41