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Thursday, March 28, 2024

Housing Starts Slide In May, Despite Plunging Rates

Courtesy of ZeroHedge. View original post here.

Despite the hype of soaring mortgage applications (refis, not purchases) and homebuilder stocks, housing starts tumbled 0.9% MoM in May (drastically missing expectations for a 0.3% rise), and while permits rose a better than expected 0.3% MoM, it remains very flat for the last six months.

Multi-family permits fell in May (to 820k) as single-family rose modestly (to 449k)…

The better than expected print for overall starts (at 1.294mm), was thanks to a massive spike in rental units…

Breakdown

  • Housing Starts 1-Unit: -6.4%, from 876K, to 820K

  • Housing Starts Multi Unit: +13.8%, from 383K to 436K 

Not exactly a picture of health for the future of millennial homeownership as rental nation remains front and center, despite plunging mortgage rates.

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