Housing Starts Accelerate In April, But Permits Plunge

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Some good news on the housing front this morning.

Housing starts were up up 5.8% in April, above the 5% rate in March. New building permits, however, plunged 11%.

Here’s a quick analysis from MarketWatch:

U.S. housing starts increased for the second straight month in April to an 18-month high, the government estimated, but building permits fell sharply, casting doubts on the momentum of the housing recovery.

Housing starts rose an estimated 5.8% in April to a seasonally adjusted annual rate of 672,000 from an upwardly revised 635,000 in March, the Commerce Department reported Tuesday. It’s the highest since October 2008, when the financial crisis worsened.

Starts of single-family homes rose 10.2% in April to a 593,000 annual rate, the highest since August 2008.

Read the full report on the government’s website.

Again, stocks are still higher, so none of the morning’s big reports are having a huge effect.

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