Housing starts declined 8.5 percent from December to January but remain 24 percent above last year’s rates, according to recent data from the Census Bureau and HUD.
Capital Economics points out in a report that the recent decline is largely driven by the multifamily sector, while single-family starts actually rose 0.8 percent over the month.
The general upward trend in housing starts is tied to recent declines in distressed inventory, according to Capital Economics.
“[H]omebuilders are starting to benefit from the dwindling supplies of deeply discounted distressed homes, which for a while were next to impossible for builders to compete with,” the analytics firm stated.See more...
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