Housing starts fell 5.0 percent in June, hitting their lowest level since October 2009. But though the Department of Commerce’s residential-construction statistics show the second-straight month of declines in privately owned housing starts, they also show a 2.1 percent rise in building permits. The unexpected jump in permits suggests a boost for building activity in July. Michael Gaspen, an economist at Barclays Capital, said the market is trying to find a bottom following the expiration of the tax credit but he still expects housing starts to slowly rebound in the second half of the year. More here, here, and here.
Theresa Springer’s Blog
Housing Starts Down, Building Permits Up
July 20, 2010
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