US Housing Starts Decline -0.1% YoY In August (But Apartment Starts UP 28.57% MoM!) As Fed Removes Monetary Stimulus

The US is short on housing stock and remains short in August. While housing starts in August seems fantastic (12.8% MoM), the YoY growth in housing supply is down -0.1% as mortgage rates soar and The Fed removes monetary stimulus.

On a month-over-month (MoM) basis, 1-unit (single family detached) were up only 3.43% in August. 5+ unit (multifamly) starts were up 28.57% in August.

Since the Biden Administration has allowed over 2 million illegal to flow across the southern border, apartment space is in high demand.

According to RentCafe, the hottest rental markets in the USA are Miami, Orlando, SW Florida and … Harrisburg PA (the temporary home of uber-leftist PA Lt Governor John Fetterman). Perhaps Fetterman is letting illegal immigrants stay in his Harrisburg mansion, unlike President Obama on Martha’s Vineyard.

Why isn’t Biden letting illegal immigrants stay in his massive summer mansion in Reboboth Beach, DL?

C’mon man!