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August 16, 2017 By Peter Boockvar

Single and multi family starts…


July housing starts totaled 1.155mm, 65k less than expected and down from 1.213mm in June. Most of the reason for the m/o/m drop was a 54k unit fall in multi family as single family starts were down just 4k m/o/m. As for permits, single family was unchanged m/o/m at 811k while multi family permits fell by 52k after jumping by 75k in June.

I’ll use pictures to bottom line single family starts. On one hand the chart reflects the aftermath of a massive bubble but on the other hand reflects a lot of catch up to come. At this stage of the cycle, I believe much of the catch up from here will be dependent on prices and affordability and whether first time households decide to pay up or rent instead. According to survey’s seen, signs are there that they are beginning to question paying up.
SINGLE FAMILY STARTSimage005
The multi family business has been very good for reasons we all know (homeownership rate at near 50 yr lows) and starts here are right in line with its 25 year average:

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Filed Under: Latest Data

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Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.

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Disclaimer - Peter Boockvar is an independent economist and market strategist. The Boock Report is independently produced by Peter Boockvar. Peter Boockvar is also the Chief Investment Officer of Bleakley Financial Group, LLC a Registered Investment Adviser. The Boock Report and Bleakley Financial Group, LLC are separate entities. Content contained in The Boock Report newsletters should not be construed as investment advice offered by Bleakley Financial Group, LLC or Peter Boockvar. This market commentary is for informational purposes only and is not meant to constitute a recommendation of any particular investment, security, portfolio of securities, transaction or investment strategy. The views expressed in this commentary should not be taken as advice to buy, sell or hold any security. To the extent any of the content published as part of this commentary may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. No chart, graph, or other figure provided should be used to determine which securities to buy or sell. Consult your advisor about what is best for you.

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