Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

No ‘V’ Here – US Housing Starts Hugely Disappoint

Courtesy of ZeroHedge View original post here.

Following April's bloodbath to five year lows, housing starts and permits were expected to rebound V-like in May (despite lockdowns being in full swing that month). And as we suspected, the data disappointed with a massive miss in Housing Starts (+4.3% MoM vs +23.5% MoM expected). Building Permits rebounded more than Starts but also disappointed (rising 14.4% MoM against expectations of a 16.8% surge).

Source: Bloomberg

On an aggregate basis, it's clear the "V" was disappointing…

Source: Bloomberg

Both single- (+11.9%) and multi-family (+18.3%) permits rebounded…

Single-family starts barely rose at all in May (+0.1%), hovering near their lowest since March 2015. Multi-family starts rose 16.9% MoM…

All driven by a huge surge in The West (amid quarantine):

  • Northeast: 12.8%

  • Midwest: -1.5%

  • South: -16.0%

  • West: 69.8%

Finally, we note that these moves in forward-looking permits come as mortgage purchase applications continue to soar…

Source: Bloomberg

Is this just pent up demand in the usual seasonally strong sales period? And, or are homebuilders far less confident than their "sentiment" index would suggest about the "V"?


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!