HI-TRANSFER

Today’s New Residential Construction Report showed mixed results in January with single family permits increased from November while starts declined over the same period.

Single family housing permits, the most leading of indicators, increased 0.9% from last month to 445K single family units (SAAR), and increased 6.2% above the level seen in January 2011 but remaining an astonishing 75.25% below the peak in September 2005.

Single family housing starts declined 1.0% to 508K units (SAAR), and climbed 16.2% above the level seen in January 2011 but remaining a stunning 72.13% below the peak set in early 2006.

With the substantial headwinds of elevated unemployment, epic levels of foreclosure and delinquency, mounting bankruptcies, contracting consumer credit, and falling real wages, an overhang of inventory and still falling home prices, the environment for “organic” home sales remains weak and likely very fragile.

Today’s New Residential Construction Report showed that in November, both single family permits and starts increased from October with both measures continuing to show tepid results when compared on a year-over-year basis.

While the traditional business media jumped on this report as an indicator that housing is on the mend, closer inspection shows that the majority of the "strength" was in multi-unit structures, particularly structures with five or more units while single family activity remains historically subdued.

Single family housing permits, the most leading of indicators, increased 1.64% from last month to 435K single family units (SAAR), increasing 3.57% above the level seen in November 2010 but remaining an astonishing 75.81% below the peak in September 2005.

Single family housing starts increased 2.29% to 447K units (SAAR), but dropped 1.54% below the level seen in November 2010 and a stunning 75.48% below the peak set in early 2006.

With the substantial headwinds of elevated unemployment, epic levels of foreclosure and delinquency, mounting bankruptcies, contracting consumer credit, and falling real wages, an overhang of inventory and still falling home prices, the environment for “organic” home sales remains weak and likely very fragile.

Today’s New Residential Construction Report showed that in September, single family permits declined while single family starts increased from August with both measures continuing to show tepid results when compared on a year-over-year basis.

Single family housing permits, the most leading of indicators, declined 0.2% from last month to 417K single family units (SAAR), increasing 3.47% above the level seen in September 2010 but remaining an astonishing 76.81% below the peak in September 2005.

Single family housing starts increased 1.7% to 425K units (SAAR), but dropped 4.92% below the level seen in September 2010 and a stunning 76.69% below the peak set in early 2006.

With the substantial headwinds of elevated unemployment, epic levels of foreclosure and delinquency, mounting bankruptcies, contracting consumer credit, and falling real wages, an overhang of inventory and still falling home prices, the environment for “organic” home sales remains weak and likely very fragile.

Today’s New Residential Construction Report showed that in August, single family permits increased while single family starts declined notably from July with both measures continuing to show tepid results when compared on a year-over-year basis.

Single family housing permits, the most leading of indicators, increased 2.5% from last month to 413K single family units (SAAR), increasing a slight 1.98% above the level seen in August 2010 but remaining an astonishing 77.03% below the peak in September 2005.

Single family housing starts declined 1.4% to 417K units (SAAR), dropping 2.34% below the level seen in August 2010 and a stunning 77.13% below the peak set in early 2006.

With the substantial headwinds of elevated unemployment, epic levels of foreclosure and delinquency, mounting bankruptcies, contracting consumer credit, and falling real wages, an overhang of inventory and still falling home prices, the environment for “organic” home sales remains weak and likely very fragile.