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US Housing Starts Decline 5.6% YoY In July (1 Unit Starts Back Rise To 1991 Levels, Apartment Construction Slowing)

This is a syndicated repost courtesy of Snake Hole Lounge. To view original, click here. Reposted with permission.

According to the US Census Bureau, US housing construction starts declined 5.6% on a year-over-year (YoY) basis for July. You can see the declining trend since 2012.


Now The Balance Begins To Shift

The balance between QE and Treasury supply will begin to shift in July. The underlying bid it has provided for stocks and Treasuries will begin to fade.

This report tells why, and what to look for in the data and the markets.  GO TO THE POST


hsyoy

Apartment (5+ unit) starts fell 22% YoY.

5+yoy

On a MoM basis, 1 unit starts declined only 0.47% in July while 5+ starts declined 17%.

startsjuly17

1 unit starts (single family starts) have finally clawed their ways back to 1991 levels, despite the near zero Fed Funds target rate since late 2008.

unitrstartsfed

You can see the slowdown in apartment construction starts (orange line) during 2017. Here is a closer look which shows the slowdown in apartment starts as The Fed merrily raises their target rate.

5+fed

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