New Residential Construction Report: November 2011

Today’s New Residential Construction Report showed that in November, both single family permits and starts increased from October with both measures continuing to show tepid results when compared on a year-over-year basis.

While the traditional business media jumped on this report as an indicator that housing is on the mend, closer inspection shows that the majority of the "strength" was in multi-unit structures, particularly structures with five or more units while single family activity remains historically subdued.

Single family housing permits, the most leading of indicators, increased 1.64% from last month to 435K single family units (SAAR), increasing 3.57% above the level seen in November 2010 but remaining an astonishing 75.81% below the peak in September 2005.

Single family housing starts increased 2.29% to 447K units (SAAR), but dropped 1.54% below the level seen in November 2010 and a stunning 75.48% below the peak set in early 2006.

With the substantial headwinds of elevated unemployment, epic levels of foreclosure and delinquency, mounting bankruptcies, contracting consumer credit, and falling real wages, an overhang of inventory and still falling home prices, the environment for “organic” home sales remains weak and likely very fragile.

New Residential Construction Report: October 2011

Today’s New Residential Construction Report showed that in October, both single family permits and starts increased from September with both measures continuing to show tepid results when compared on a year-over-year basis.

Single family housing permits, the most leading of indicators, increased 5.1% from last month to 434K single family units (SAAR), increasing 6.6% above the level seen in October 2010 but remaining an astonishing 75.86% below the peak in September 2005.

Single family housing starts increased 3.9% to 430K units (SAAR), but dropped 0.9% below the level seen in October 2010 and a stunning 76.41% below the peak set in early 2006.

With the substantial headwinds of elevated unemployment, epic levels of foreclosure and delinquency, mounting bankruptcies, contracting consumer credit, and falling real wages, an overhang of inventory and still falling home prices, the environment for “organic” home sales remains weak and likely very fragile.

New Residential Construction Report: September 2011

Today’s New Residential Construction Report showed that in September, single family permits declined while single family starts increased from August with both measures continuing to show tepid results when compared on a year-over-year basis.

Single family housing permits, the most leading of indicators, declined 0.2% from last month to 417K single family units (SAAR), increasing 3.47% above the level seen in September 2010 but remaining an astonishing 76.81% below the peak in September 2005.

Single family housing starts increased 1.7% to 425K units (SAAR), but dropped 4.92% below the level seen in September 2010 and a stunning 76.69% below the peak set in early 2006.

With the substantial headwinds of elevated unemployment, epic levels of foreclosure and delinquency, mounting bankruptcies, contracting consumer credit, and falling real wages, an overhang of inventory and still falling home prices, the environment for “organic” home sales remains weak and likely very fragile.

New Residential Construction Report: July 2011

Today’s New Residential Construction Report showed that single family permits went flat while single family starts declined notably from last month with both measures continuing to show sight year-over-year declines.



Single family housing permits, the most leading of indicators, remained flat from last month at 404K single family units (SAAR), dropping 1.22% below the level seen in July 2010 and an astonishing 77.53% below the peak in September 2005.



Single family housing starts declined 4.9% to 425K units (SAAR), dropping 0.93% below the level seen in July 2010 and a stunning 76.69% below the peak set in early 2006.



With the substantial headwinds of elevated unemployment, epic levels of foreclosure and delinquency, mounting bankruptcies, contracting consumer credit, and falling real wages, an overhang of inventory and still falling home prices, the environment for “organic” home sales remains weak and likely very fragile.

New Residential Construction Report: June 2011

Today’s New Residential Construction Report showed increases to both single family permits and starts from last month but a notable decline to permits from last year while starts showed the first (albeit slight) annual increase in thirteen months.

Single family housing permits, the most leading of indicators, increased a slight 0.2% on a month-to-month basis to 407K single family units (SAAR), dropping a notable 3.78% below the level seen in June 2010 and an astonishing 77.36% below the peak in September 2005.

Single family housing starts increased 9.4% to 453K units (SAAR), rising a slight 0.44% above the level seen in June 2010 and a stunning 75.15% below the peak set in early 2006.

With the substantial headwinds of elevated unemployment, epic levels of foreclosure and delinquency, mounting bankruptcies, contracting consumer credit, and falling real wages, an overhang of inventory and still falling home prices, the environment for “organic” home sales remains weak and likely very fragile.

New Residential Construction Report: May 2011

Today’s New Residential Construction Report showed slight increases to both single family permits and starts from last month and notable declines from last year while the new home market remains historically distressed.

Single family housing permits, the most leading of indicators, increased 2.5% on a month-to-month basis to 405K single family units (SAAR), dropping a notable 6.90% below the level seen in May 2010 and an astonishing 77.47% below the peak in September 2005.

Single family housing starts increased 3.7% to 419K units (SAAR), dropping 8.91% below the level seen in May 2010 and a stunning 77.02% below the peak set in early 2006.

With the substantial headwinds of elevated unemployment, epic levels of foreclosure and delinquency, mounting bankruptcies, contracting consumer credit, and falling real wages, an overhang of inventory and still falling home prices, the environment for “organic” home sales remains weak and likely very fragile.

New Residential Construction Report: April 2011

Today’s New Residential Construction Report showed a notable declines across the board with with both total and single family permits and starts falling from last month and last year while the new home market remains historically distressed.

Single family housing permits, the most leading of indicators, declined 1.8% on a month-to-month basis to 385K single family units (SAAR) from a lower revised 392K in March, dropping a notable 18.6% below the level seen in April 2010 and an astonishing 78.59% below the peak in September 2005.

Single family housing starts declined 5.1% to 394K units (SAAR), dropping a whopping 30.4% below the level seen in April 2010 and a stunning 78.39% below the peak set in early 2006.

With the substantial headwinds of elevated unemployment, epic levels of foreclosure and delinquency, mounting bankruptcies, contracting consumer credit, and falling real wages, an overhang of inventory and still falling home prices, the environment for “organic” home sales remains weak and likely very fragile.

New Residential Construction Report: March 2011

Today’s New Residential Construction Report showed a slight bounce off of last months exceptionally weak results with both single family permits and single family starts which rising while the new home market remains historically distressed.

Single family housing permits, the most leading of indicators, increased 5.7% on a month-to-month basis to 405K single family units (SAAR), dropping a notable 25.3% below the level seen in March 2010 and an astonishing 77.47% below the peak in September 2005.

Single family housing starts increased 7.7% to 422K units (SAAR), dropping a notable 21.1% below the level seen in March 2010 and a whopping 76.85% below the peak set in early 2006.

With the substantial headwinds of elevated unemployment, epic levels of foreclosure and delinquency, mounting bankruptcies, contracting consumer credit, and falling real wages, an overhang of inventory and still falling home prices, the environment for “organic” home sales remains weak and likely very fragile.

New Residential Construction Report: February 2011

Today’s exceptionally weak New Residential Construction Report showed notable declines for both single family permits single family starts which, considering the truly depressed level of new home construction activity, appears to suggest that housing is continuing to remain historically weak.

Single family housing permits, the most leading of indicators, declined 9.3% on a month-to-month basis to 382K single family units (SAAR), dropping a notable 26.96% below the level seen in February 2010 and an astonishing 78.75% below the peak in September 2005.

Single family housing starts declined a whopping 11.8% to 375K units (SAAR), dropping a notable 28.84% below the level seen in February 2010 and a whopping 79.43% below the peak set in early 2006.

With the substantial headwinds of elevated unemployment, epic levels of foreclosure and delinquency, mounting bankruptcies, contracting consumer credit, and falling real wages, an overhang of inventory and still falling home prices, the environment for “organic” home sales remains weak and likely very fragile.