US housing starts in June crashed 12.3% MoM, the biggest June decline since 1959. And maybe before 1959.
This does NOT help the limited housing inventory problem in the US that is helping to drive housing prices through the proverbial roof.
The largest decrease was in multifamily (5+ units) that declined 20% MoM. 1-unit detached “only” fell 9.11% MoM in June.
The decline was all over the nation, but with the Midwest suffering a 36% decline. I call this “The LeBron James Signing Effect.”
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