Worst drop in housing starts in 3 years

January housing starts of 880K were 16% below those in December, the largest sequential decline since February 2011, and are 2% below the January 2013 rate of 898K. Single family starts of 573K were 15.9% below December

Building permits of 937K were 5.4% below December and 2.4% above one year ago. Single family permits 602K were 1.3% below December.

Look for the rough winter weather to be bandied about plenty as an excuse, but feeling its oats after the bad print, Zerohedge notes permits crashed 26% in the West ... "that's where the snow must have been the strongest."

Longer-term charts from Bill McBride here and here.

No premarket trades yet for the XHB and ITB and Treasury futures remain as they were ahead of the release. TLT +0.35%


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Comments (6)
  • bbro
    , contributor
    Comments (11234) | Send Message
    I love the incorrect analysis by the financial media....the 6 month moving average
    of housing starts is at 981,000....highest since July 2008...this is good data but
    please misinterpret
    19 Feb 2014, 08:46 AM Reply Like
  • bbro
    , contributor
    Comments (11234) | Send Message
    Zero Hedge leading investors down the losing path.... again.....
    19 Feb 2014, 08:48 AM Reply Like
  • th3decider
    , contributor
    Comments (481) | Send Message
    Yeah pointing out facts like housing permits were down most in the west to totally debunk any weather claims is for losers. Winners only need opinion.
    19 Feb 2014, 10:13 AM Reply Like
  • laporte
    , contributor
    Comments (22) | Send Message
    Almost All Homebuilders' forward-looking statements say that 2014 will be better than 2013.
    19 Feb 2014, 09:11 AM Reply Like
  • Moon Kil Woong
    , contributor
    Comments (13546) | Send Message
    Yes, it is funny to see the myth of the cold winter persist in making excuses that the economy is super strong. The only thing that is lifting its head is inflation and 2.5% growth with 2% inflation is not better than the 1.5% growth on 1% inflation we have been having and is a good bit worse if your wages aren't rising.


    The good news is if you are making minimum wage your wages are set to rise by Democratic measures further heating up inflation for the middle class. Where is the middle class worker's solution to the zombie economy?
    19 Feb 2014, 12:35 PM Reply Like
  • notta lackey
    , contributor
    Comments (131) | Send Message
    Yeah. And the National Association of Realtors reported that housing was getting better every month from 2007 on. Those "statistics" became as ludicrous as the tobacco companies' statistics that cigarette smoking doesn't cause cancer.
    20 Feb 2014, 04:09 PM Reply Like
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