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Housing Starts Fall Much More Than Expected In December

Housing Starts Fall Much More Than Expected

U.S. housing starts dropped much more than expected during the month of December after shutdown-delayed data was released – 11.2% decline MoM vs a 0.2% drop consensus expectation. Building permits were slightly better than expected at 0.3% MoM.

The shutdown obviously had pernicious economic effects and should be considered an outlier, so not much predictive analysis can be gleaned from the data.

The S&P/Case-Shiller Home Price Indices YoY for December was up 4.2% vs an estimate of 4.5%.

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