Housing Starts Up, Builder Confidence Down
New housing starts were up 17.2 percent in May for an annual rate of 532,000, compared to 454,000 in April, according to the Commerce Department’s monthly report.
Building permits, an indication of future growth, increased 4 percent to an annualized 518,000. Despite these increases, builder confidence waned in June, after rising for two months, the National Association of Home Builders reported.
The NAHB/Wells Fargo Housing Marketing Index slipped to 15 from 16 in May. Even so, that number is about twice what it was in January. Anything under 50 is considered a negative number.
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