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Single-Family Housing Permits Drop To Lowest Since May, Starts Rebound Due To Rental Unit Increase
September was another month in which US single-family housing starts stagnated, and in fact declined when it comes to permits, only to see a strong rebound in both permits and starts when it comes to multi-family, aka rental housing.
At the top line, September housing starts rebounded from last month's revised drop to 957K, rising just above the 1,008K expected to 1,017K, while permits also rebounded from the August print of 1,003K, if missing expectations of 1,030K printing at 1,018K.
As for the breakdown:housing starts fof single family housing were essentially unchanged at 646K from last month's 638K, while rental housing starts rebounded strongly from 298K to 353K as America continues its conversion to a house-renter nation:
As for permits, single-family housing permits decline for yet another month, dropping from 627K to 62$K, which was the lowest print since May, however offseting this contraction was another expected bounce in multi-family, i.e., rental, construction, which rose to 369K from last month's drop to 345K.
All of which makes sense: increasingly only those who can afford the cash up can purchase single-family houses, which is also why builders are increasingly not building this bedrock of the US economy. For everyone else: we hope you can at least afford your monthly payment.
Source: Census
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Bullshitish.Is this a word?
As the complexity of government involvement continues to grow in this market, the market will respond accordingly. It's that simple. Ask yourself where we are in the "grand curve" of society. This writeup explains a lot: https://en.wikipedia.org/wiki/Joseph_Tainter
we are all going to be living in FEMA camps once Obama declare himself dictator for life....well that is except loyal cronies will have large estate.
10 states where foreclosures are soaring
Goal seek.
Do you actually believe any of this garbage anymore? That multi-family permits increased by an 18% annualized rate, 50,000 units in one month?
Multi family permits increase by 55,000 and actual construction increases by 24,000...what is this joke, are these permits written in napkins of Wall Street restaurants, much like Boeing "orders"?
The student rental housing push here in State U. town is interesting to say the least. It's being built with the understanding that it will be trashed, torn down and rebuilt within ten years. Also, the units are designed so each bedroom has it's own bath, with only a shared kitchen/dining/living rooms, so they aren't really setup as being affordable for families. The only other segment of the population that might fill them someday are single old people with government housing benefits.
Those units will be like heaven to illegals.
look at who is building these units and where the n money is coming from. Please note, note student housing is not a "new demand" and that students were renting other apartments in the area that have now gone vacant.
I don't know ZHers, compare Tyler's take to Bill's.... Doesn't seem like the same report.
http://www.calculatedriskblog.com
It's amazing that families, students and the like seem to wait until school is in session to move.
The 'data set' that predicted the Ebola cruise ship problem?
http://wtfrly.com/2014/10/17/data-set-that-predicted-the-ebola-cruise-sh...
Cruise ship denied port in Belize as US tries to evacuate Dallas nurse who handled Ebola sample
http://wtfrly.com/2014/10/17/cruise-ship-denied-port-belize-us-tries-to-...
Once The Obola decreases the U.S. population from 320 million to 90 million; we'll have enough existing inventory to last another 238 years before the next housing start is necessary.
Obola is deflationary; Obola > Yellen.
I have owned an apartment complex in the Midwest for many years and we are currently experiencing the largest number of vacancies we have ever had. Many houses in the area are empty or under leased. In 2005 and 2006 prior to the housing collapse many people were looking at second homes, for investments or as a vacation getaway.
Today many of those people have shed the extra homes and some have doubled up with family or friends reducing the need for housing. We are pushing on a string and calling it demand when someone who can barely pay the rent is encouraged by the government to buy a house they can neither afford or maintain. We have a shortage of "qualified" buyers and renters. More on this subject in the article below.
http://brucewilds.blogspot.com/2013/12/super-low-interest-rates-disservive-to.html
Recycling is cool.
Fri, 10/03/2014 - 19:10 | 5286872 AdvancingTimeI have owned an apartment complex in the Midwest for many years and we are currently experiencing the largest number of vacancies we have ever had. Many houses in my area are empty or under leased. In 2005 and 2006 prior to the housing collapse many people were looking at second homes, today not only have they shed the extra home many have doubled up with family or friends reducing the need for housing.
I have been busy trying to make sense of the current economy, this is not an easy job. We are pushing on a string and calling it demand when someone who can barely pay the rent is encouraged by the government to buy a house they can neither afford or maintain. We have a shortage of "qualified" buyers and renters. More on this subject in the article below.
http://brucewilds.blogspot.com/2013/12/super-low-interest-rates-disservi...
And
Thu, 09/18/2014 - 09:18 | 5229586 AdvancingTimeI have owned an apartment complex in the Midwest for many years and we are currently experiencing the largest number of vacancies we have ever had. Many houses in the area are empty or under leased. In 2005 and 2006 prior to the housing collapse many people were looking at second homes, for investments or as a vacation getaway, today not only have they shed the extra home many have doubled up with family or friends reducing the need for housing. We are pushing on a string and calling it demand when someone who can barely pay the rent is encouraged by the government to buy a house they can neither afford or maintain. We have a shortage of "qualified" buyers and renters.
(You forgot your ad banner that time Bruce, but that's OK.)