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Amid Slumping Sales & Sentiment, Housing Starts & Permits Jumped In December
It would appear that homebuilders are desperately hoping for a 'Field of Dreams' year...
After seeing existing home sales collapse in January (not driven by the winter storms), US Housing Starts and Building Permits rose dramatically more than expected in December (+6.2% MoM vs +1.1% exp and +4.3% MoM vs +0.4% MoM exp respectively)...
Additionally, Housing Starts rose as Home Builders confidence crumbled (and Future Sales expectations dropped)...