This page has been archived and commenting is disabled.
Housing Starts, Permit Miss Expectations On Drop In Single-Family Housing
Earlier today, we got a hint that hopes that the 5th dead cat "housing rebound" bounce have been indefinitely delayed after Mortgage Applications cratered by over 13% after tumbling 9% in the week before on even the most fractional of 10 Year yield increases. That hope suffered another embarrassing defeat moments ago when the Census Bureau reported that in January both housing starts and permits missed expectations, rising at 1070K and 1053K, respectively, once again missing Wall Street consensus of 1089K and 1067K. The reason: yet another drop in single-family housing. Because while multi-family, i.e., rental units, remained brisk and rose from 340K to 381K for the starts and from 360K to 372K for the permits...
... the single-family starts declined right back to November levels, sliding from 727K to 678K, while permits dropped from 675K in December to 654K.
Finally, broken down by region, the biggest drop in total Starts took place in the Midwest, from 180K to 140K, while the biggest increase was in the South, from 496K to 528K. For permits, total units in the South dropped from 162K to 136K while the biggest increase took place in the West, where 278K permits were authorized compared to 238K the month before.
»
- 4246 reads
- Printer-friendly version
- Send to friend
- advertisements -
29.5 hr/wk jobs and Obamacare premiums........it's pretty much a killer.
Everyone is saving up to pay the fine....it's a hell of a lot cheaper than the premiums.
http://jeffduncan.house.gov/full-list-obamacare-tax-hikes
add these taxes to property taxes, sales tax, gas tax, and on an don and stagnant wages and we're in a depression with zero economic growth.
But we receive great government services for our taxes. /s
Fascism is a service?
which is worse? ACA or repeal of glss/stegal.
never one roach-thanks, wow, this bill is truely another squid...
It all evens out since they are educating the citizens into the hospitals.
Polar Vortex
They should have included igloos to pump up the numbers.
Every single (13) US data point has been a miss this week.
That means things can only get better, BTFD!
The kiss of death when reviewing my peers or subordinates was always "Has unequaled potential for improvement."
Tell Obama's guy @ FHA, Mel Watts, to lower the FHA subsidized (taxpayer subsidized) artificially priced 1st time homebuyer required down payment on a home purchase to 0%, from the current 3% (which was recently lowered from 5%).
From 20% down conventional mortgages @ 10% interest in the 1980s to 5% down nearly full interest only loans in the 2000s, to 3% down all interest revolving FSA Mel Watt fog-a-mirror mortgages, bitchez.
A mortgage for every ass & a new GM Escalade in every (and full of) pot.
Lowering the down payment does squat in the bubble areas. Even if they bring back the credits of 2010 where .gov GAVE you 8k plus for the down, the specuvestors have pushed prices to high. In the absence of NINJA loans (which I seriously doubt will return) prices have to drop back to the 2011 trough for organic sales to get any traction. We should get their by next year as REIT/specuvestor capitulation soars as the reo-to-rent model implodes and the supply of greater fools drops to 2007 levels. Housing Bust 2.0 kicks into high gear once another spring selling season passes without the selling.
<< A mortgage for every ass & a new GM Escalade in every (and full of) pot. >>
and free Popeye's for life !
lower the payments to zero, and most still couldn't qualify.
BTFD muppets!!
AAR won't put up with this shit, NIRP will start paying you a down payment to move into overinflated housing soon.
now is a great time to buy a house
It's always a good time to buy a house according to NAR. Even when houses were 50% overvalued.
So you're tellin me more QE comin then? Hooray time to buy stawks!
On the bright side, homes over $25MM
are doing fine. For us 99%ers not so good.
Relative just sold their home for the maximum amount on the buyers FHA loan approval sheet. It was on the market for a couple days and sold almost immediately.
They were real happy to get rid of it.
I see baby boomers and older seem to believe their homes are their piggy banks. They are asking for 2007/2008 dollars for their shit boxes. They fail to understand that the GenXers and Yers have been gutted with debt.
"GenXers and Yers have been gutted with debt."
The banksters seem to overlook this. Put rates low and stuff debt in every crevice of society.
So nobody owns anything (more auto leases) except the banksters.
Not gutted (in the black for decades, in fact), but certainly not dumb enough to help these top-sniffin truffle pigs to get out from under their folly.
"Nice jetski!" ;)
I can't see this lasting much longer. How can anyone afford a crappy 1 bedroom apartment in Manhattan for $1.67 million? Why would anyone pay that much?
The next crash will be epic some say. I can't disagree with them.
apparently the freddy mac, and soon fannie mae, is now allowed to generate multi-family unit commercial loans ...
Does multi-family include DHS internment camps? In NJ they are building 100 unit condo like they are going out of style. Oddly the population drops and they build 500 units condos one after a another. Something very odd is happening...store continue to close...but 500 unit condo...no problem