■ Residential construction slid again in September. Housing starts fell 5.3% in September to an annual pace of 1.201 million units. The monthly decline was mostly in the multi-family sector, where starts slipped 15.2% to 330,000 units. Single-family starts fell 0.9% to an annual pace of 871,000. Total permits fell 0.6% to 1.241 million units. The report underlies the lack of momentum in residential construction. Starts peaked early this year and have been in a slight decline since. Single-family homes do not have a supply problem like existing homes, so the loss of momentum is focused on rising mortgage rates. As rates are likely to continue rising, housing will likely remain unimpressive.