August Housing Starts Come In Way Stronger Than Expected

The annualized number of 590K is better than expected.

It’s the highest level in four months, and the spike is over 10%.

Building permits were up over 1%.

It appears, perhaps, that the post-tax credit slump was an overshoot, and now the market is normalizing a bit.

Futures are ticking a bit into the green right now.

Background: Last month’s housing starts was one of the worst on record, though really you want to see this number stay low, since there’s such a big overhang still.

Analysts are looking for an annualized 540K.

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