It’s springtime for housing! But winter for the mortgage market.
US housing starts have declined in March by -17.2% since the same time last year (YoY) as The Fed rapidly removes Covid-related monetary stimulus (green line).
On the positive side, 1-unit detached housing actually rose by 2.74% from February to March (MoM). However, 5+ unit (multifamily) starts decline -6.71% MoM. Permits are similar: 1-unit permits were up 4.07% in March from February while 5+ unit permits were down -24.27%.
Housing starts out west were down -28.13% MoM as people are escaping “Gruesome Newsom Land” (aka, California). Starts are up by 6.8% MoM in The South.
“Hey Aunt Nancy, do you think American voters will vote for me for President after I helped destroy California? Can I be President and spend like a mad man like you did as Speaker of the House??”
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