Following January's 'Trump-bump', building permits in February plunged 6.2% MoM, the biggest drop since March 2016 (amid global recession fears), driven by a tumble in multi-family units. While housing starts rose 3% MoM, the annual growth slipped back to 6.2%, again fading Trump exuberance, despite a 12 year high in builder confidence.
Permits tumbled…
Led by a plunge in multi-family units…
Multi-family starts also dropped in February…
It appears for now that homebuolders are more willing to talk about how great things are then actually putting money to work,,,
So to summarize, Homebuilders are the most optimistic since the peak of the housing bubble in 2005 but are slashing permits (forward-looking) and reducing multi-faily starts.
via http://ift.tt/2mMF3JX Tyler Durden