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News Link • Economy - Economics USA

Building Permits Plunge Most In 3 Years Despite Tumbling Rates


After weak home sales data and re-weakening in mortgage applications (but a modest recovery in homebuilder sentiment), expectations were for a slowdown in starts and permits but the June prints were shockingly bad.

Housing Starts dropped 0.9% MoM (worse than the 0.7% expected) but Building Permits plunged 6.1% MoM - the worst drop since March 2016.

This occurred despite a collapse in mortgage rates during the reporting period.

This is the 6th month in a row of YoY declines in Building Permits...

Under the surface, multi-family starts tumbled 9.4% MoM as single-family jumped 3.5% from 818K to 847K

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