Following May’s plunge in building-permits (starts jumped), June was expected to deliver a rebound, but it didn’t. Permits dropped 2.2% MoM (vs +2.2% exp) but Housing Starts collapsed 12.3% MoM (after May’s 4.8% rise MoM).
This is the 3rd month of declining permits in a row and biggest drop in starts since Nov 2016…
Total housing starts declined YoY for the first time since Dec 2017…
The collapse in starts was broad based:
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single family starts down from 944K to 858K
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multi family starts down from 381K to 304K
But the drop in permits was dominated by multi-family units…
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Single-family permits from 843K to 850K , +0.8%
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Multi-family permits from 424K to 387K , -8.7%, lowest since May 2017
Total starts and permits are the lowest since September…
Mortgage apps fell once again this week and broadly speaking homebuilder stocks are tracking housing market economic data lower…
Time to hike rates further, right?!
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