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Building Permits Slide For 2nd Month, Miss Expectations; Starts Near Cycle Highs
For the 2nd month in a row, Building Permits dropped and missed expectations. The 1.9% MoM drop in December was a notable miss against expectations of a 0.6% rise and left YoY Permits at a mere +1.0% - hovering at the weakest growth since mid 2011. The long-heralded savior of permits - multi-family - tumbled to their lowest since June; with overall permits lower in all regions aside from the "weather-affected" Midwest. Housing Starts rose back near cycle highs (just don't tell KB Homes) beating expectations for the 4th month in a row.
2nd month with a miss and a drop for permits...
And Housing Starts push back towards cycle highs...
The breakdown:
Multi-family (rental) permits dropped to 338K, the lowest since June. It appears Wall Street's infatuation with rental properties is dead and buried and it is all downhill from here. Single-family permits rose to 667K - cycle highs, driven by increases in all regions except the Northeast.
Likewise, December Housing Start for single-family units jumped to 728K, another post-2008 high, however offset by multi-family start which dropped to 339K, the lowest since August. Starts rose in all regions except the Midwest.
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Tent city here I come.
Part of the problem is that it takes 3 times as long for the municipality to issue a fucking permit due to the red tape. Add to that the fact that they deliberately slow it down so the private sector begs them to hire more leechfuck tit sucking overweight no nothing worthless halfbreed non speaking english uppity gold chain wearing lexus driving fucktards.
It's a clusterfuck of epic proportions....and it is slowing down
My favorite Bumper Sticker:
"Make welfare as hard to get as a building permit"
with all the free stuff promised last night....free college, etc....can free housing be far behind?
why build? just wait for ObamaDigs. It's Free!
Most people I know are either looking for a job or trying to hold on to one. Building a new house is out of the question.
This is worth at least 20 points on the S&P!
Besides, there is so much inventory out there, there is no need to build. Of course it's ridiculously overpriced junk, but hey, you can always Rehab like what they show on HGTV. ;-)
Never fails:
ZH: Permits Slide! Miss Expectations!
CNBC: Single Family Starts hit 6.5-year high! (http://www.cnbc.com/id/102352190)
Why do I always feel like NBC is the more agenda driven "news?"
The financial girl on the Imus show just said they were up too. I hate liars.
The charts can be up or down, it has little relevance in the long run. A surge is really just puffery even if factual because the endgame is what really matters.
How come to lumber not buy the CNBC propaganda?
http://finviz.com/futures_charts.ashx?t=LB
This is obviously the "consolidation" phase prior to massive lift-off!
Extremly bullish!
I had my first showing in 2 months on my condo yesterday...not very active...
But Ima got me a job at Popeye's chicken this week. Whatchoo mean I can't afford me dat house?
Housing construction is at all an time high around here. I'm thinking of demolishing and upgrading my guest house and building a few new vacation homes. President Obama is doing an excellent job of getting things back on track but you people only see doom and gloom and not the towering green shoots that President Obama has planted everywhere because you are racist. The stimulus is really taking hold folks!
Compassionate: Please ask your 'handlers' for an updated copy of the Democrat Talking Points handbook (Version 2.0). It looks like you are reading from a a copy of version 1.0 The new version has updated verbiage, terminology, catch-phrases & so forth. Well worth your time -
I'm not a Democrat! I am severly conservative just like Mitt Romney, my hero.
See Comment #5688100 above. How does it feel to be a bootlicker of the Usurper?
1st, I don't believe that any of these stats are fully correct. There could easily be a bias set in them (upwards).
2nd, there is a mini-housing boom in Charlotte NC but it is going to run out of steam very soon. Primarily apartments (new bubble) and finishing up all the close-in projects that got canned in '09. Plus the usual commerical BS that isn't really needed but the banks have to lend to someone right?
Meanwhile, tons of older commercial goes unleased and the banks are starting to dribble out foreclosures and short sales now that prices have come up from the crash. Once this boomlet gets built out, things will stall and head back down. Housing prices are too expensive to be sustained.
Housing Starts last month were revised DOWN 2.9%
Let's do some actual "math".
"Housing Starts" previous month were revised DOWN fom -1.6% to-4.6% (revised down 130%!!!!)
Now MOM they have risen +4.4%. So over 2 months "Housing Starts" are down -.2% (if any of these numbers are to be believed). So this is "good"? what will the previous month downward revision be next month?
plenty of new home starts in Las Vegas
www.ViewLasVegasRealestate.com