RE and economic charts: Housing Starts and Permits Stall in Feb + approach record low = slump 22.5% + steepest monthly tumble in nearly 27 years in Feb

Wednesday, March 16, 2011

Housing Starts and Permits Stall in Feb + approach record low = slump 22.5% + steepest monthly tumble in nearly 27 years in Feb

[mEDITate-OR:
start thinking that the end is near...
but, then see that starts are stopping, even more, than before...
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The first three charts take very different views of the same stunning drop in new housing starts.
As the headlines say, the drop is extreme, even by our dismal recent past records.
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However, once again, "national numbers" only tell U.S. part of the story:
While single-family starts declined 11.8 percent to a seasonally adjusted annual rate of 375,000 units
multifamily starts – which tend to display greater volatility on a month-to-month basis – declined 46.1 percent to a rate of 104,000 units.
Regional declines amounted to:
37.5 percent in the Northeast
48.6 percent in the Midwest
6.3 percent in the South and
28 percent in the West
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If you are interested in a thorough explanation, the 3rd article is one.
They point out Bill@CRs charts showing U.S. vacancy rates
Two things to note:
first, fewer people are being evicted by foreclosures right now
second, more people who have been evicted are renting apartments.
The first probably will climb back up, and therefore, so will the second.
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