Snookered! US Housing Starts Rise 9.77% In Feburary, Mostly Multifamily At 24%, 1-Unit Starts Only 1.1% (23 Months Of Negative Wage Growth And Still High Home Prices Killing 1-Unit Starts)

Now that The Fed-induced-banking crisis has cooled … for the moment … I can focus on that mysterious positive homebuilder sentiment release from yesterday.

The sentiment was driven by 5+ unit (multifamily) starts which were up 24% in February, which 1-unit (single-family detached) starts were up only 1.10%. 23 consecutive months of NEGATIVE real wage growth and still ultra-high home prices begat lots of multifamily housing starts.

The problem for Americans is the real weekly wage growth has been negative for 23 consecutive weeks while home prices remain high, particularly after the Covid bailout by The Fed.

Here is the rest of the story.

So, 1-unit detached housing is snookered.

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.