Housing starts, building permits surge in Feb. (apartment, rental)

[MoorestownResident]

Single family building permits surged 11%, highest increase in 18 years.

Housing starts surge 22% on apartment building - MarketWatch

[86Sebring]

AIG execs are using their bonuses to build new mansions

[wileynj]

Originally Posted by 86Sebring

AIG execs are using their bonuses to build new mansions

Spending it before the feds take it back . I heard good news last night..they may have found Madak's (sp) stolen money in Gilbralter! Something like 75 million or so!

[Lusitan]

This part doesn't look so good:

"We're inclined to write this off as a weather-related fluke for now," wrote economists for Wrightson ICAP. "If the permits series can hold onto its gains in next month's March report, though, we'll take it as a sign that new construction has finally found a floor (albeit a very low one)."

"We hold to the view that the level of housing construction is becoming so low in absolute terms that starts will bottom out in the months ahead," wrote John Ryding and Conrad DeQuadros of RDQ Economics.

Construction of new housing units had plunged 38% in the previous three months before February's unexpected jump. Economists surveyed by MarketWatch had forecast a further drop to 456,000, despite an expected surge in multifamily construction.

But despite February's gain, housing starts are down 47% from a year ago, and are down 74% from the peak in early 2006. Permits are down 44% in the past year.

[MoorestownResident]

The past is irrelevant. What matters is direction. It's more evidence that a bottom is in place nationally. The prior month was revised up as well.

[sholden]

Originally Posted by MoorestownResident

The past is irrelevant. What matters is direction. It's more evidence that a bottom is in place nationally. The prior month was revised up as well.

What matters is magnitude.

Until economic indicators stop swinging double digit percentages (up or down) in a month things have not stabilized.

[kalim2008]

Originally Posted by MoorestownResident

The past is irrelevant. What matters is direction. It's more evidence that a bottom is in place nationally. The prior month was revised up as well.

The past is irrelevant? You kidding or something?

It's down 47% y/y, we're talking housing starts here, not people actually buying, and it's spring. Guess what, buying will rise m/m simply because housing is seasonal. It's the same thing that happened last year when moronic realtors pointed to m/m increases, forgetting to mention the seasonality of housing and the fact you should look y/y (and if you look at my past posts, you'll note i said the same thing then, and was proven right)

[MoorestownResident]

If that was the case, the increase would mirror last Spring's but in fact it was the largest increase in 18 years. Nobody is saying things are rosy, just that evidence of a bottom is in place, at least nationally. It is what it is. Ignoring the data doesn't help anyone.

[JG183]

just wait until Lusitan chimes in
on this thread...

[Lusitan]

Originally Posted by JG183

just wait until Lusitan chimes in
on this thread...

LOL

You're sleeping on the job, JG -- I chimed in a while ago.

Notice how the biggest activity is in building rental units ... gee wonder why, possibly because nobody can afford to buy!