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Housing Starts Collapse Continues - Worst Annual Drop Since 2011


Well this should steal the jam out of the green-shoot-brigade's donut. Housing Starts and Permits unexpectedly tumbled in March.

Housing Starts fell 0.3% MoM (against expectations of a 5.4% rebound) and to make matters worse, February's 8.7% plunge was revised down to a shocking 12% collapse...

This is the weakest level of Housing Starts since May 2017...

And biggest Y/Y drop since 2011, suggesting builders remain wary even as lower mortgage rates and steady wage gains offer support to consumers.

And the collapse was broad-based:

Northeast: -28.3% Y/Y

Midwest: -28.0% Y/Y

South: -4.1% Y/Y

West: -19.5% Y/Y

Both Multi- and Single-family Starts dropped... with the latter at its lowest since Sept 2016

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