BUILDING BREAKDOWN: Housing starts fall for third straight month as higher rates sting
Global real estate adviser Jenna Stauffer reacts to Fed Chair Jerome Powell saying the U.S. is in a 'housing bubble' on 'Cavuto: Coast to Coast.'
Applications to build – which measures future construction – fell to an annual rate of 1.34 million units, a decrease of 11.2% from October. Permits for construction of single-family homes, which account for the biggest share of homebuilding, also dropped 7.1% to the lowest level since May 2020. Houses under construction at the Norton Commons subdivision in Louisville, Kentucky, US, on Friday, July 1, 2022.
Any reading above 50 is considered positive; prior to this year, the gauge has not entered negative territory since 2012, excluding a brief – but steep – drop in May 2020.
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