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Housing Starts, Permits Plunge In September
10-17-2019, 08:44 AM,
#1
Housing Starts, Permits Plunge In September
Housing Starts, Permits Plunge In September

<span property="schema:name" class="field field--name-title field--type-string field--label-hidden">Housing Starts, Permits Plunge In September</span>

<div property="schema:text" class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Following the dramatic surge in Housing Starts and Permits in August, expectations were for a notable drop/reversion in September and both dropped significantly.</p>

<ul><li>
<p>Housing Starts -9.4% MoM (+15.1% prior, -3.2% exp)</p>
</li>
<li>
<p>Building Permits -2.7% MoM (+8.2% prior, -5.3% exp)</p>
</li>
</ul><p>Extremely noisy...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm7549.jpg?itok=j7m9HOYZ" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm7549.jpg?itok=j7m9HOYZ"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm7549.jpg?itok=u7Ngfx99 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm7549.jpg?itok=u7Ngfx99 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm7549.jpg?itok=u7Ngfx99 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=u7Ngfx99 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm7549.jpg?itok=u7Ngfx99 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm7549.jpg?itok=j7m9HOYZ 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="efa976d4-2423-47e1-953f-5f203d607afc" data-responsive-image-style="inline_images" height="261" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm7549.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Year-over-year, both starts and permits saw growth slowdown with starts plunging from +8.4% to just +1.6% YoY...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm7006.jpg?itok=d92-tIB-" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm7006.jpg?itok=d92-tIB-"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm7006.jpg?itok=vU6NusIQ 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm7006.jpg?itok=vU6NusIQ 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm7006.jpg?itok=vU6NusIQ 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=vU6NusIQ 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm7006.jpg?itok=vU6NusIQ 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm7006.jpg?itok=d92-tIB- 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="ed8bbd45-cdbd-4905-adbe-c392a5dc048d" data-responsive-image-style="inline_images" height="261" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm7006.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>The drop in starts was driven by a plunge in multifamily starts from 456K SAAR in August to 327K in Sept.</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-10-17_0.png?itok=ObvfHEA3" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-10-17_0.png?itok=ObvfHEA3"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-10-17_0.png?itok=-MdfgqB5 1x" media="all and (min-width: 1280px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-10-17_0.png?itok=-MdfgqB5 1x" media="all and (min-width: 480px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-10-17_0.png?itok=-MdfgqB5 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=-MdfgqB5 2x" media="all and (min-width: 1024px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-10-17_0.png?itok=-MdfgqB5 1x" media="all and (min-width: 768px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2019-10-17_0.png?itok=ObvfHEA3 1x" type="image/png"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="0e373c08-2a05-4062-8c30-c0283cfa190c" data-responsive-image-style="inline_images" height="336" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-10-17_0.png" alt="" typeof="foaf:Image" /></picture></a></p>

<p>But the multifamily series has become extremely volatile...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-10-17%20%281%29.png?itok=vf3w59Mu" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-10-17%20%281%29.png?itok=vf3w59Mu"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-10-17%20%281%29.png?itok=nyypU7xu 1x" media="all and (min-width: 1280px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-10-17%20%281%29.png?itok=nyypU7xu 1x" media="all and (min-width: 480px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-10-17%20%281%29.png?itok=nyypU7xu 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=nyypU7xu 2x" media="all and (min-width: 1024px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-10-17%20%281%29.png?itok=nyypU7xu 1x" media="all and (min-width: 768px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2019-10-17%20%281%29.png?itok=vf3w59Mu 1x" type="image/png"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="089d8ee7-fc17-4d43-bc6a-71c2cb937c6d" data-responsive-image-style="inline_images" height="254" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-10-17%20%281%29.png" alt="" typeof="foaf:Image" /></picture></a></p>

<p>Starts decreased across all four national regions, led by a 34.3% slump in the Northeast.</p>

<p><strong>Groundbreakings for single-family properties grew at the fastest pace since January.</strong> That gain was offset by <strong>a 28.2% drop in new construction of apartment buildings</strong> and condominiums, a category that tends to be volatile.</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-10-17%20%282%29.png?itok=SNZKl-MR" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-10-17%20%282%29.png?itok=SNZKl-MR"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-10-17%20%282%29.png?itok=pk1zc7-i 1x" media="all and (min-width: 1280px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-10-17%20%282%29.png?itok=pk1zc7-i 1x" media="all and (min-width: 480px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-10-17%20%282%29.png?itok=pk1zc7-i 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=pk1zc7-i 2x" media="all and (min-width: 1024px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-10-17%20%282%29.png?itok=pk1zc7-i 1x" media="all and (min-width: 768px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2019-10-17%20%282%29.png?itok=SNZKl-MR 1x" type="image/png"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="b0f5689a-5859-4c88-a866-52e8eb34629f" data-responsive-image-style="inline_images" height="320" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-10-17%20%282%29.png" alt="" typeof="foaf:Image" /></picture></a></p>

<p>The report reflects some <strong>cooling </strong>as starts pull back from the <strong>best pace since 2007 the prior month.</strong></p>
</div>
<span rel="schema:author" class="field field--name-uid field--type-entity-reference field--label-hidden">
<a href="https://www.zerohedge.com/users/tyler-durden">Tyler Durden</a>
</span>
<span property="schema:dateCreated" content="2019-10-17T12:38:57+00:00" class="field field--name-created field--type-created field--label-hidden">Thu, 10/17/2019 - 08:38</span><img src="http://feeds.feedburner.com/~r/zerohedge/feed/~4/pQBYj65YqNA" height="1" width="1" alt=""/>


http://feedproxy.google.com/~r/zerohedge...-september
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