By Dr Denver H. Bubble
Two of the biggest leading indicators were down in February. Housing starts were down 7.0% versus down 2.7% expected, which is the largest drop since last March. Permits were also down 5.7% versus 4.1% expected, which is the largest drop since last February. The biggest driver was a market we tend not to focus on, the Multifamily or rental units. Multifamily Starts down 28% month over month on an annualized basis while Multifamily Permits down 14.6% month over month on an annualized basis.
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