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June Housing Starts Show Big Gains

July 17th, 2009 Michael McDonough
June housing starts came in this morning well above expectations increasing 3.6%, totaling 582K (SAAR) units. Economists has been anticipating 530K. This is the index’s second consecutive month of gains, which could indicate some stabilization for the sector. There were also some positive revisions to April’s and May’s starts numbers. The increase was due to a 14.4% increment in single-family home starts, while multi-family housing starts actually declined by 25.8%. Regionally, the South experienced the largest increase in starts with a gain of 13.9%, while the West was the weakest with a gain of only 1.9%. Housing permits were up 8.7% in June. Overall this is a positive report for the housing sector, but we will need to see significant improvements in the level of foreclosures and the supply glut currently on the market prior to any true recovery.
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