Guess what just happened? For the ninth month out of the past 10, housing starts continued their descent, falling 12.8% to the lowest level since 1959. The annual rate of construction stood at 458,000 units.
Obviously this is not good news. Some analysts last month thought the housing market was near a bottom, but today's numbers show that we still may have some downside pressure left.
What is so confusing is that multi-family construction fell by 46.1%, while single family housing starts rose by 2.8%. So it was the decrease in multi-family construction that powered the drop.
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