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Housing Starts Suffer Worst Streak Since Jan 2009, Permits Plunge

Courtesy of ZeroHedge. View original post here.

For the first time since Jan 09, Housing Starts dropped for the 3rd month in a row in May, drastically missing expectations (-5.5% vs +4.1% exp.) with both March and April revised notably lower. Building Permits also tumbled in May and massively missed expectations (-4.9% vs +1.7% exp.).

No one saw it coming…

Worst streak of performance for Housing Starts since Jan 2009…

Both Single- and Multi-Family Starts tumbled… This is the lowest level for overall housing starts since September 2016.

And looking forward the picture is bad with both single- and multi-family-unit permits plunging…

Probably a good time to hike rates some more!!


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