- by New Deal democrat
I'll have a much more detailed report next week at XE.com, but here's the bullet point summary of this morning's housing permits and starts report:
- single family permits made a new expansion high
- single family starts made a new expansion high
- total permits were just shy of their expansion high from last winter
- the three month moving average of total starts, which smooths out volatility, made a new expansion high
- the number of units for which a permit has been issued, but which have not yet been started, made a new expansion high
In short, this was an excellent report. It looks like the slowdown in housing that was brought about by the increase in mortgage rates one year ago is abating, as the demographic tailwind continues to assert itself. Meanwhile YoY interest rates are potentially within days of being lower, which will be a boon.
More next week.