Just yesterday homebuilders raged hard about how awesome everything was - sending their optimism index to its highest since the previous peak in 2005. It seems they are all talk and no action as November's data for housing starts and permits collapsed (following the trajectory of mortgage apps).
Housing Starts crashed 18.7% MoM - near the biggest monthly plunge since the crisis peak in 2005.
Housing Starts are down 6.9% YoY.
Driven by a 43.9% collapse in Multi-family Starts MoM: look at the volatility in that time series: is that what a "stable" housing market looks like?
Housing Permits plunged 4.7% MoM - the most since March - as it seems optimism talk from homesbuilders is not reflected in their actions.
Once again it was multi-famly permits that collapsed the most MoM.
As usual, actions speak louder than words