Housing Permits Tumble Most Since January, Starts Miss

Tyler Durden's picture

There goes another pillar of the sustainable growth meme. Housing Permits tumbled 5.2% MoM - the biggest drop since January (amid the Polar Vortex) to 1.035mm SAAR. Permits dropped in all regions except the Northeast. Housing Starts dropped 1.6% MoM to 1.028mm SAAR. The South was the only region with a rise in completions as the Northeast
was cut in half and both single- and multi-family residences slid.

Both Starts and Permits miss, with forward-looking permits signaling notable weakness ahead.

 

Here are starts broken down by single and multi-family.

 

And permits:


Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
NoDebt's picture

I have to ask.  Does anyone seriously care about housing starts right now?  They've been medium-suckish for 6 years and will continue their suckish trend until we're all old and gray.  

Headbanger's picture

WTF !!??

Look at the total retard response on this from CNBS !

http://www.cnbc.com/id/102272180
What a bunch of of fucking retards!

Please don't let them reproduce!

silverer's picture

Maybe this was in the comics section? 'Up is down, down is up, pretty soon, we'll all throw up!'

IREN Colorado's picture

Multi Uniit construction continues to rise though! Bully! This means we no longer live in homes we pay for but we live in apartments that are paid for by your children's future! Go Long Section 8 housing paid by tax payers. 

Go Long Mom's Basement!

sun tzu's picture

DOW up 200+ on plunging PMI and housing starts. It all makes sense now.

Number 156's picture

It was the snow that did it.

the not so mighty maximiza's picture

our economy is strong just like our godlike leader obama

TruthInSunshine's picture

Economy's firing on all cylinders!

Raise rates, Mr. Yellen!

#RecoverySummer/Winter6.0

#NeoKeynesianDystopia

SRVDisciple's picture

Hashtags?!? We don't need no stinkin' hashtags!

giovanni_f's picture

People are so busy they start construction without permits. Positive.

yogibear's picture

Of course the solution proposed by the Fed and it's banks is to bring back no doc, no money down mortgages again.

Fog a mirror and you qualify to be a homeowner.

Have to hire appraisers that will appraise a home for double the real value.

When this comes down this time it should be even more spectacular.

Creepy A. Cracker's picture

Does he give dates for these events or is he predicting them to happen some time precisely between now and roughly forever?

spastic_colon's picture

but but CNBS said "Housing Starts, Permits Fall, Pointing to Recovery"  cant make this up!

gatorengineer's picture

we seasonally adjusted some folks.......

Harry Balzak's picture

Wonder what YOY looks like...

Ban KKiller's picture

3 percent down with 600 fico should do the trick?

buzzsaw99's picture

except for the 3% part. cash back at close on a no-doc is better.

blown income's picture

http://www.forsalebyowner.com/listing/2-bed-Single-Family-home-for-sale-...

 

Lafayette La 

 

1575 square ft ....think oil here hasn't blown home prices out of the realm of reality...

 

This is Lafayette la ....no beaches,nice parks,,,nothing...shopping and oil and gas companies ....this at best should be no more than 100$ square ft....oh and it's Mexican built cheap labor that meets the bare minimum building code.....on a 4k lot.....

And no bath tubs !!!!! Only 2 showers !!!!!

They are still building like there is no tomorrow .....

 

Fucking joke...

Harry Balzak's picture

This'll fix it (not)

http://www.forbes.com/sites/markgreene/2014/12/09/3-down-conventional-lo...

The real estate bubble is like a rotting bloated corpse baking in the sun.  Sure it's holding gas, but it's gurgling out of every fetid, maggot-infested orafice and the stench will make you puke.  

I've looked at ~100 houses over the past year, none of them forclosures (according to zillow), and all but one have been vacant for months.  The prices are higher than the peak around 2006, pehaps 50% need major work/updates/repairs, and many have been on the market for a year or more.  

The housing stock is literally decomposing.  

Caveman93's picture

No job, no credit, no house, no problem!

BullyBearish's picture

It's temporary...rates to rise!!

Caveman93's picture

If they raise rates in US = US TOAST!

silverer's picture

Yeah, like pushing it down twice on darkest setting...

X86BSD's picture

I just showed chumbawumba last night in chat, a house here near KC was being short saled and qulified for get this, a *USDA* 0% down loan. WTF the USDA is doing in housing at all is beyond mystifying to me. I know I know, "But its in KC." KC is a rather nice city though despite the stereotype. So this listing I showed him just proves nothing got fixed, you can still get homes for 0% down. WHY WONT THE DAMN WHEELS COME OFF THIS BUS ALREADY!!! I dont know how much more my blood pressure can take all this systemic fraud from A to Z endlessly without any consequences!!

Creepy A. Cracker's picture

BULLISH!!!

The Obama "recovery" is in high gear now!  I heard it on the TV "news."

</s>

silverer's picture

I think the banks are favoring car loans now. Exposure limited to $30K or so on each loan. A lot safer than home loans with no money down situation, easier to repossess a car when payments are overdue. Not so easy to tow away a house. Nobody fights with a bank on a car repo like they do on a home foreclosure. In short, easier fake money to be made by banks on car loans.

roadhazard's picture

And everyone cries when oil field works lose Their jobs.

Hal n back's picture

auto loans--the 7 year zero down and zero interest is a great deal--some do not qualify--they go "off the lot" for financing--zero down new or used, 7 years, 20% interest. with the high interest, very little principal is paid early on--so if they default early the lender reposseses, and the car usually is in good shape for auction. If they default later--still very little principle paid but a ton of interest was paid so lender is ahead of game unles the car is really trashed and auction is not available.

 

so one way or another the dealers  hustle people into cars they cannot afford.

 

JMT's picture

I may be one of the only people under the age of 40 who outright OWNS my car, of course it is only a 2008 Honda Civic EX with 80,000 miles but insurance is only $62 a month for full coverage and I don't have to pay $80 for an oil change at the dealer