US Housing Starts & Building Permits Plunge To COVID Lockdown Lows
Despite ugly consumer confidence and soaring mortgage rates, analysts expected a small rebound in housing starts and building permits in May (after April’s disappointing misses). They were wrong… again… as both Starts and Permits plunged MoM (-5.5% MoM and -3.8% MoM respectively)… That was the third monthly drop in permits (more forward looking) in a row. …
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