DATA REACT: Housing Starts from HFE – “This report is better than
we expected. Almost all the decline in starts and permits is in the
hugely volatile multi-family sector, with single-family activity little
changed. We had expected the severe weather on the eastern seaboard to
push activity down quite sharply, albeit temporarily. Instead, it seems
any weather hit in the single-family sector was offset by gains
elsewhere. This makes sense in the context of the extended and broadened
homebuyer tax credit. Builders did not have enough inventory of small
homes to take full advantage of the initial credit last year; they don’t
want to miss out again.”
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