After last month's surprising plunge in both Housing starts and permits, expectations are for a rebound (or slowdown in the collapse) and they did.
Housing Starts disappointed, rising 3.8% MoM (+5.1% exp) against an upwardly revised 7.9% drop in September.
Building Permits beat expectations of 0.5% decline, surging 5.0% MoM against an upwardly revised 2.4% drop in September.
On a YoY basis, both starts and permits surged to new multi-year high growth rates...
Permits jumped for both single-family (highest since Aug 2007) and rentals...
Oddly, Housing Starts continue to hold up despite a collapse in home-buying attitudes...
So, which is it? Delusional homebuilders in a 'field of dreams' world or debt-laden Americans unable to see the American Dream?