After five straight months of declines, Housing Starts jumped nearly 10% in February from January as the sector tries to regain its footing. Also, Building Permits, a sign of future construction, surged by almost 14%. Single-family starts, which account for the bulk of homebuilding, rose 1.1% while multi-family units soared by 24.1%.
The takeaway … with just a little rate relief and stability, the housing market could see a sharp and enormous turnaround. We received a taste of it back in late January as rates dipped beneath current levels.
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