Is the housing boom over?
Housing Starts plunge was dominated by a 13.4% plunge in Single-family home starts (while Multi-family (Rental) was up 4.0%)…
Housing Permits saw the opposite pattern to Starts with Single Family down 3.8% and Multi-family (Rental) up 11.1%
The Midwest saw Starts crash 34.8% (and the South dropped 11.5%) while The West (+9.0%) and Northeast (+6.2%) both rose.
The Widwest also led the weakness in Permits, dropping 9.9%, along with The West (-4.1%) while The South (+3.9%) and Northeast (+8.4%) both saw increased activity.
Finally, as we noted yesterday, the vast gap of incredulity between homebuilders’ record high confidence and homebuyers’ record low confidence remains a key harbinger of problems ahead (and/or perhaps a sign of the inexorably growing inequality gap created by The Fed)…
Get back to work escaping that box you’re in Mr. Powell.
Tue, 05/18/2021 – 08:42
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Author: Tyler Durden