Despite homebuilder confidence in the toilet (and Pulte’s daily calls alongside Trump for lower rates), US Housing Starts and Permits surprised to the upside in June.
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Housing Starts jumped 4.6% MoM (+3.5% MoM exp), rebounding from May’s 9.7% MoM tumble.
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Building Permits rose 0.2% MoM (-0.5% MoM exp), also rebounding from May’s 2.0% MoM decline.
Source: Bloomberg
Although in context, this lifts the Starts and Permits SAAR just barely off the lowest levels since the COVID lockdowns…
Source: Bloomberg
A surge in Multi-family unit starts and permits saved the month, while single-family home starts and permits were not pretty…
Source: Bloomberg
Will lower Fed Fund rates do anything to lower mortgage rates? Or will the implied curve steepening further crush affordability? Dear Mr. Trump, be careful what you wish for.
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