Market Mover Tuesday: About that Housing Bottom…Housing Starts Drop….
I mean it is good that we arent building more houses cuz frankly we have an 18 month supply right now even without the shadow inventory of imminent foreclosures and then add the many who want to move and cannot b/c they cannot sell their house in this market..we do not need more houses..but the markets want it to be over soo badly and want construction jobs soo badly that they fooled themselves into thinking we were already at the bottom and April starts would be up…the homebuilders stocks were crazy high yesterday, that faux rally is over….
..New U.S. housing starts and permits unexpectedly fell to record lows in April, a government report showed on Tuesday, denting hopes that stability in the housing market was imminent.
The Commerce Department said housing starts fell 12.8 percent to a seasonally adjusted annual rate of 458,000 units, the lowest on records dating back to January 1959, from March’s upwardly revised 525,000 units.
Compared to the same period last year, housing starts tumbled 54.2 percent.
Analysts polled by Reuters had expected an annual rate of 520,000 units for April…
Moderate in the Middle 