Long-Awaited End of Home Building Bust is Here
From today's Census Bureau report on New Residential Construction:
HOUSING STARTS: Privately-owned housing starts in June were at a seasonally adjusted annual rate of 582,000. This is 3.6% above the revised May estimate of 562,000, but is 46% percent below the June 2008 rate of 1,078,000. Single-family housing starts in June were at a rate of 470,000; this is 14.4% above the revised May figure of 411,000.
MP: Single-family housing starts have increased for the last four months in a row (March, April, May and June), the first four consecutive month increase for single-family starts in four years (see shaded areas in chart above). This four-month positive trend follows 9 consecutive monthly declines in single-family starts going back to June of last year, and declines in 19 out of the previous 20 months going back to July of 2007.