Housing Market Continues To Stumble
June continued the summer of blues for the housing market. Permits dropped 2.2% month over month vs +2.2% expected. Housing Starts did even worse collapsing 12.3% month over month. The margin of error was 8.3 % points. This happened after May’s 4.8% rise month over month. Analysts believe this drop could be from construction labor shortages and rising material costs. Rising material costs, such as lumber, and a shortage of qualified construction workers has pushed up input costs for home builders. This was the third straight month of declining permits in a row, a largest since November 2016. The drop in permits were from 424K to 387K, an 8.7%… Read moreHousing Market Continues To Stumble