Headline: 479,000 annualized, that’s a 22.5% fall on last month.
Analysis: The 22.5% month-over-month decline in housing starts is bad news, but may seem a little bigger until you take into account that there were only 618,000 starts in the previous month.
The home construction business is bad, has been bad, and doesn’t look to be getting any better. Last month now looks like a blip.
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