miss the increase in multi-unit construction vs single family homes.
Multi's are always more volatile, due to the lag times getting started and getting completed. True, track homes are not dissimilar in "rolling" construction schedules, but single family homes are simply easier to stop.
One might ask if the increase in multi's is based on there being more renters, now.
Here in AZ that does not appear to be the case. Many who lost or gave back their homes are able to rent an almost identical home for much less. Those who do not, tend to rent higher priced & larger apartments. Do both markets are skewed and screwed.
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Total housing starts were at 610 thousand (SAAR) in September, up 0.3% from the revised August rate of 608 thousand (revised up from 598 thousand), and up 28% from the all time record low in April 2009 of 477 thousand (the lowest level since the Census Bureau began tracking housing starts in 1959).
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The second graph shows total and single unit starts since 1968. This shows the huge collapse following the housing bubble, and that housing starts have mostly been moving sideways for almost two years - with a slight up and down over the last six months due to the home buyer tax credit.
Housing Starts:
Privately-owned housing starts in September were at a seasonally adjusted annual rate of 610,000. This is 0.3 percent (±10.3%)* above the revised August estimate of 608,000 and is 4.1 percent (±12.0%)* above the September 2009 rate of 586,000.
Single-family housing starts in September were at a rate of 452,000; this is 4.4 percent (±13.9%)* above the revised August figure of 433,000.
Building Permits:
Privately-owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 539,000. This is 5.6 percent (±1.4%) below the revised August rate of 571,000 and is 10.9 percent (±2.3%) below the September 2009 estimate of 605,000.
Single-family authorizations in September were at a rate of 405,000; this is 0.5 percent (±1.3%)* above the revised August figure of 403,000.
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Housing Starts increase in September
http://www.calculatedriskblog.com/2010/10/housing-starts-increase-in-september.html
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