Census: Housing Starts, Permits Stall In January As Economic Backdrop Weakens
The Census Bureau reported that January housing starts and permits fell from downward-revised December numbers. Housing starts posted at a 1,099,000 annual rate in January, down from December's rate of 1,143,000. Housing permits also fell in January, posting at a rate of 1,202,00. Single-family housing completions in January came in at a rate of 693,000, down from December's rate of 703,000. Despite higher year-over-year mortgage purchase applications, new home construction is still struggling in the Fed's echo-bubble of inflated asset prices. This is why you see more advertisements of low-down-payment purchase options and even zero-down [...]