The Housing Recovery Is Officially Over
JANUARY DATA IS SCARY BAD, PEOPLE
Over the past several months this website has been relentless in pointing out the flaccidity of America’s housing recovery … which even mainstream media outlets are now acknowledging has “lost steam.”
For our most recent commentary on that, CLICK HERE.
Anyway, data released by the U.S. Department of Commerce this week points to darkening skies. Most notably, housing starts in January plummeted 16 percent from December’s upwardly revised data … the eighth time in the last ten months this key measure has missed expectations.
Oh, and the sharpest month-to-month drop in three years …
And for everyone out there ready to reflexively blame all of this on bad weather, building permits (which aren’t dependent on current weather conditions) were also down 5.4 percent …
So yeah … like we said.