- Building Permits for October fell to 1535K versus estimates of 1630K and 1638K in September.
BOTTOM LINE: Housing starts in the US declined in October as builders cut inventories. Starts are down 27% from year-ago levels. Starts fell 26% in the South, 12% in the Midwest and 2.1% in the West. Starts surged 31% in the Northeast. I continue to believe it is a positive for housing to see starts slow, which will bring inventories down further. I still expect housing to stabilize at relatively high levels over the coming months.
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