Today’s New Residential Construction Report showed mixed results for October with monthly gains in single family permits but losses to total permits while total starts increased as single family starts declined over the same period. Single family housing permits, the most leading of indicators, rose 2.2% from September to 562K single family units (SAAR), and increased 26.2% above the level seen in October 2011 but still remained an astonishing 68.74% below the peak in September 2005.
Single family housing starts declined 0.2% from September to 594K units (SAAR), and climbed 35.3% above the level seen in October 2011 but still remained 67.4% below the peak set in early 2006.
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