Courtesy of John Nyaradi
August Housing starts decline, miss estimates and hit three month low.
by Wall Street Sector Selector Staff
August housing starts fell to an adjusted 571,000 versus last month’s 604,000, missed expectations and came in well below the 1.2 million rate that is considered to be a “healthy” market.
However, permits were up to 620,000 versus the previous month’s report of 601,000 indicating builders might be looking forward to better days ahead.
The housing market remains mired in depressionary conditions and near the lowest levels of 2009 when 554,000 homes were started, only slightly above today’s rate.
As a prime driver of employment and economic recovery, the weak building market continues to be a drag on economic growth.
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