More Lousy News on Housing *(briefing.com)
Last Update: 16-Apr-09 08:53 ET
Expectations for further glimmers of hope on the housing front took a hit this morning. The March housing data were not pretty.
Starts dropped 10.8% to a 510,000 annual rate from 572,000 in February. The level is not as low as the 488,000 dismal January number, but still the second lowest of this cycle.
The March level is well below expectations of about a 540,000 level and below the three-month average of 539,000 the three prior months.
Housing permits gave no indication of an imminent upturn. Permits fell 9.0% to a 513,000 annual rate. This is the lowest level of the current cycle and below the 547,000 average of the three prior months.
There is no reason not to take the data at face value as an indication that housing remains in a deep slump and that sporadic signs of stabilization have to be viewed with caution.
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