Housing Starts Disappoint Dramatically, Fall Year-Over-Year

After Housing Starts collapsed 12.9% in June, July rebounded just 0.9% (dramatically missing expectations of a 7.4% bounce) as Permits rose 1.5% month over month.

https://www.zerohedge.com/sites/default/files/inline-images/2018-08-16_5-32-53.jpg?itok=Yw5mJEcS

A second month in a row with a massive miss to economists’ expectations…

https://www.zerohedge.com/sites/default/files/inline-images/2018-08-16_5-39-55.jpg?itok=ECUwd4Sa

Single-family starts remain very soft and multi-family starts barely rebound at all from June’s crash…

https://www.zerohedge.com/sites/default/files/inline-images/2018-08-16%20%281%29.png?itok=0nPZopEJ

And housing starts are now down year over year for The 2nd month in a row…

https://www.zerohedge.com/sites/default/files/inline-images/2018-08-16%20%282%29.png?itok=63lyZrhg

Permits rebounded very modestly in both single- and multi-family units…

https://www.zerohedge.com/sites/default/files/inline-images/2018-08-16.png?itok=XAlUoCAB

Two of four regions posted a gain in starts, with the South increasing 10.4 percent and the Midwest climbing by 11.6 percent; the Northeast declined 4 percent and the West plunged 19.6 percent, the biggest drop since January 2017

Finally we note that US home builder stocks have been tracking fundamentals dramatically lower all years…

https://www.zerohedge.com/sites/default/files/inline-images/2018-08-16_5-30-08.jpg?itok=jvRx73Xz

Time for some more rate-hikes…

Source: ZeroHedge

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