It has been an annus horribilis for housing markets in 2018 as affordability collapses on the heels of a hawkish Fed which has sent the US Housing data surprise index to a record low…
But, to stoke last minute hope, housing starts and building permits surprised to the upside (helped by some notable downward revisions).
Housing Starts +3.2% MoM (0.0% MoM exp), up from the revised lower drop of 1.6% MoM in October.
Building Pemrits
Housing Starts are down year-over-year for the second month in a row…
Housing Starts and Building Permits have gone nowhere in more than than two years…
Under the hood, rental/multifamily permits soared 15.4% to 441K from 382K , the highest since April.
But Single-family starts tumble 4.6% to 824K, lowest Since May 2017 (791K)
So, what will Powell do?
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