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Housing Starts Post Modest Improvement, Completions Plunge To All Time Low

Tyler Durden's picture




 

Following last month's second lowest housing starts number ever of 479,000, March came at 549K, on expectations of 520K. Incidentally last month's number was revised to 512K from 479K. This likely accounts for what many have attributed to a weather related plunge in starts. The biggest swing factor in the March number was in units started at 5 units or more, which came at 117 or about 15% higher than February's 102. On the other side of the starts number was the housing completions, which at 509K was the lowest number ever, even worse than January's 510. Of note is the completions number in one unit structures which came at what is probably a record low 374k. But since nobody cares about the actual final outcome, and merely about the first dig, Housing Permits came at 594K on expectations of 540K. Once again this number was rescued by multi-unit housing, as the structures with 5 units or more came in at 173k compared to 135k previously, and was the highest number in over a year. Anything to fudge the number.

Starts:

Completions- new all time low.

Full release link

 

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Tue, 04/19/2011 - 08:48 | 1183413 VisualCSharp
VisualCSharp's picture

_______, bitchez!

Tue, 04/19/2011 - 09:38 | 1183536 Pegasus Muse
Pegasus Muse's picture

Eureka!  You've found it. 

The perfect CNBC descriptor: "Anything to fudge the number"

Tue, 04/19/2011 - 08:54 | 1183420 SheepDog-One
SheepDog-One's picture

'Housing start', LOL hell thats just pulling a permit. You dont have to move 1 pebble and youve got a house 'started'. 

What a sunshine and unicorn dew chart there huh? 

Tue, 04/19/2011 - 10:35 | 1183792 The Hawk
The Hawk's picture

I've been shorting PHM via leaps and they've been killing me!  It does not make any sense!  PHM is terrible!

Tue, 04/19/2011 - 08:51 | 1183421 HelluvaEngineer
HelluvaEngineer's picture

Step 1: Get down payment from gullible buyers
Step 2: Move to South America
Step 3: Profit!

Tue, 04/19/2011 - 08:51 | 1183423 bb5
bb5's picture

is this another green shoot?

Tue, 04/19/2011 - 09:03 | 1183450 Shocker
Shocker's picture

Yes this is another green shoot.

Housing is going down lot more. It has no choice

http://www.dailyjobcuts.com

Unless we start creating real jobs, not Mcdonald paying jobs we are porked.

Tue, 04/19/2011 - 09:14 | 1183469 Thomas
Thomas's picture

A green shoot growing out of the eye socket of the rotting corpse. Thank god there was no housing bubble, because it would really be bad if there had been.

Tue, 04/19/2011 - 10:02 | 1183610 chunga
chunga's picture

I ought to throw a *junk* on that. lol. You made me spray my monitor and keyboard with coffee. Even with my LCD cleaning wipes from China it just smudges and gets worse.

Here's some REAL Green Shoots

Strong fucking language alert...

Tue, 04/19/2011 - 08:52 | 1183426 HedgeFundLIVE
HedgeFundLIVE's picture

of course, we must paint a bearish picture on ALL news/data releases.  

with that said, to add to bearish tone, yesterday's bounce off the lows seems to have been a short covering rally: http://www.hedgefundlive.com/blog/mondays-bounce-off-lows-looks-to-have-been-a-short-covering-rally

Tue, 04/19/2011 - 09:00 | 1183440 SheepDog-One
SheepDog-One's picture

LOL yea sure, assisted by massive Bernanke 'invisible hand' billions.

Tue, 04/19/2011 - 10:40 | 1183833 r101958
r101958's picture

Actually, an honest, non-candycoated unbiased picture would be best. So, some info that uses critical thinking in the making is most helpful. None to be had on the MSM.

Tue, 04/19/2011 - 08:55 | 1183428 Herne the Hunter
Herne the Hunter's picture

Tent City is booming, I guess...

Tue, 04/19/2011 - 08:58 | 1183441 aVian
aVian's picture

after careful calculations, it appears to be infact at freefall speed OKA a controlled demolition.  There was evidence of termite in the data set

Tue, 04/19/2011 - 08:59 | 1183446 faithfulwatchman
faithfulwatchman's picture

With over 4 Million houses sitting empty. I can see the logic to new housing starts...

Tue, 04/19/2011 - 09:03 | 1183452 SheepDog-One
SheepDog-One's picture

Now everyone sees the Maniacal Monetizer banking cabal can change all the rules at the drop of a hat, people frowning on 'home ownership' as about the biggest riskiest investment you can make.

Mon, 07/25/2011 - 07:59 | 1490099 kiran1234
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Tue, 04/19/2011 - 09:45 | 1183551 tarsubil
tarsubil's picture

Yeah. Isn't it a good thing for the housing market to find the bottom sooner rather than later so it can then begin to recover?

Tue, 04/19/2011 - 10:28 | 1183752 TruthInSunshine
TruthInSunshine's picture

With over 4 Million houses sitting empty. I can see the logic to new housing starts...

 

17 to 19 million houses that are vacant - just sayin'

18.4 Million Vacant Homes in the U.S.A.
Tue, 04/19/2011 - 09:03 | 1183449 I am Jobe
I am Jobe's picture

Why are we issuing new permits? WTF, USA the land of lies and spins and artificial crap.

Tue, 04/19/2011 - 09:05 | 1183457 Re-Discovery
Re-Discovery's picture

Bear raid on SLV.  Predictable. 

Tue, 04/19/2011 - 09:23 | 1183480 Hansel
Hansel's picture

I clicked the 'full release link,' but I did not get full release.  I want my money back.

Tue, 04/19/2011 - 09:33 | 1183506 Tic tock
Tic tock's picture

You'd think someone with a brain would amend the data points to show spending on 'efficiency improvements to existing stock' on a pay-back basis... it's only a inflationary depression!

Tue, 04/19/2011 - 10:27 | 1183581 TomGa
TomGa's picture

YoY the number of starts in single-family homes for March has fallen, -21.1%  (+/- 7.1%).  

March 2011 - 422,000

March 2010 - 535,000

 

Tue, 04/19/2011 - 10:52 | 1183904 TruthInSunshine
TruthInSunshine's picture

Nice notation, Tom.

That is dismal.

I can see now that multi-unit starts (e.g. apartments) skewed the numbers.

In any case, they're beyond horrific.

 

Tue, 04/19/2011 - 10:32 | 1183778 Cpl Hicks
Cpl Hicks's picture

Good news for Barry.

Good news for Timmy.

And good news for the local Mexican nail gunners and roofing tackers.

Tue, 04/19/2011 - 12:14 | 1184280 tekhneek
tekhneek's picture

But if you flip the chart up-side down we're doing pretty good. We can do that at this point, right? It's all good?

Tue, 04/19/2011 - 12:37 | 1184423 chimp28976
chimp28976's picture

Well, in one sense it's fudging the number, in another sense it's just reality that Americans won't be living in single-family dwellings in the future. It's a stupid, crazy urban pattern that wastes resources, generates dysfunctional, ugly cities and towns, and ultimately dysfunctional, antisocial people. A positive number, imo.

Tue, 04/19/2011 - 13:52 | 1184852 moneymutt
moneymutt's picture

these graphs are not corrected for change in population...if the were housing starts per capita, this would be way uglier looking

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Mon, 07/25/2011 - 07:53 | 1490086 kiran1234
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