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Because
the Census Bureau is delaying the release of September and October’s new housing starts and
completions data until December 18 (to be combined with November’s data), we
have only permits to report on at this time.
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Builders’
confidence
in the future of the residential market held steady in October, with more
builders viewing market conditions as good than poor. Total permits broke
through the 1.0 million unit threshold (SAAR )
for a second time in 2013 during October (+60,000 units, or 6.2 percent
relative to September), almost entirely on the strength of multi-family permits
(+55,000 units, or 15.3 percent); single-family permits were essentially flat
(+5,000 units, or 0.8 percent). Total permits were 16.0 percent higher in October
than a year earlier.
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The foregoing comments represent the
general economic views and analysis of Delphi
Advisors, and are provided solely for the purpose of information, instruction
and discourse. They do not constitute a solicitation or recommendation
regarding any investment.
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