Starts, Permits Bounce But 2018 Is US Housing Market's Most Disappointing Year On Record

It has been an annus horribilis for housing markets in 2018 as affordability collapses on the heels of a hawkish Fed which has sent the US Housing data surprise index to a record low...

But, to stoke last minute hope, housing starts and building permits surprised to the upside (helped by some notable downward revisions).

Housing Starts +3.2% MoM (0.0% MoM exp), up from the revised lower drop of 1.6% MoM in October.

Building Pemrits

Housing Starts are down year-over-year for the second month in a row...

Housing Starts and Building Permits have gone nowhere in more than than two years...

Under the hood, rental/multifamily permits soared 15.4% to 441K from 382K , the highest since April.

But Single-family starts tumble 4.6% to 824K, lowest Since May 2017 (791K)

So, what will Powell do?

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