Market Mover Wednesday: Housing Starts Plunge 10%, single family starts down 17.2%
Update: More good news, Fannie and Freddie are delisting from the NYSE. they will trade OTC now, and now they will be even more opaque were that possible.
But keep tilting at windmills Don Obama Quixote…God bless the gulf.
NOT unexpected for those of us who saw the ‘tax credit’ pulling demand forward. Government credits did not ‘create’ more demand they just pulled it forward …since we have a shadow inventory that could last for 2 years in this economy it is just as well they don’t build more houses, but we need something for the construction jobs…how about a WALL ON THE BORDER???
U.S. home construction plunged in May as builders remain cautious about sales prospects absent government support programs for the housing sector.
Housing starts dropped 10% the month after the government ended its tax-credit program for home buyers, to a seasonally adjusted annual rate of 593,000. Permits for new construction also declined, the Commerce Department said Wednesday. Single-family housing starts slid by 17.2% to an annual rate of 468,000, the lowest level in a year.
…Economists surveyed by Dow Jones Newswires had expected overall housing starts to drop 5.2% to a level of 637,000.
DOUBLED the ‘expectations’. BUY A CLUE economists.