IPFS News Link • Housing
US Housing Starts, Building Permits Collapsed In February
• Zero Hedge - Tyler DurdenAfter mixed data last month (starts down, permits up), February's starts and permits were expected to drop modestly MoM. Instead they utterly collapsed as interest rates soared, with Starts down 10.3% MoM (-1.3% exp) and Permits down 10.8% MoM (-7.2% exp).
Source: Bloomberg
Total starts and permits tumbled from post-financial crisis highs...
Source: Bloomberg
Under the hoods, multi-family starts were the biggest driver of the drop... (single-family starts -8.5%, multi-family starts -14.5)