Surprisely, housing starts increased 3% to an annualize rate of 1.229 million units (1.17 million expected) in October. It has been the first increase of the past four months and was equally distributed among all the U.S. regions with the Midwest showing a move of 21.1%. Multiple houses lead the way by moving up more than 40%, while single homes declined 7.3%. It is difficult to see a bottom, as permits declined 6.6% month over month (down 24.5% year over year) and inventories stays very high.
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