Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Best numbers in years here… probably will turn some of the non believers around. That said the numbers remain awful by historical standards (housing starts usually average 1.5M!) but you can see the profitability in the homebuilders with even awful levels of production. So a move from awful to less awful is obviously net positive. Again this is very similar to what we are seeing in the auto industry (obviously the swoon was much larger in housing).
Housing Starts 875K versus 770K expected.
Housing starts at highest level since July 2008.
Building Permits +11% at 894,000 vs. 810,000 expected.
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