(ZEROHEDGE) – U.S. housing starts and building permits both declined in December (-1.4% MoM and -1.6% MoM respectively) with starts better than expected but forward-looking permits below expectations. This is the third straight month of declines in permits and fourth straight drop in starts.
Total starts and permits hit new cycle lows, back to the 2020 COVID lockdown levels.
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Single-family Building Permits tumbled for the 10th straight month (while multi-family starts rebounded notably in December). The pictyure was the opposite for Housing starts where single-family starts soared 11.3% MoM while multi-family starts plunged 18.9% MoM. Judging by homebuilder sentiment, building permits are not bouncing back anytime soon.
