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Sunday, March 03, 2019

Trouble In The Housing Market

Trouble In The Housing Market: Today’s disappointing data for December housing starts and permits is not a one-off situation. Of course, the month on month data is volatile (and subject to very large revisions) due to difficult seasonal adjustment factors and to changes in the weather, but the Year on Year (YoY) trend is more reliable and has been showing weakness for quite a long time. For housing starts, this is the third negative YoY reading in a row, something that has not occurred since 2011: