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February housing starts rose 3% from January to a seasonally adjusted annualized rate of 1.288M. Estimates were for 1.26M. While permits dipped 6% in February, they're still higher by more than 4% Y/Y.
- Of note, however, was an unusually warm February, and one wonders what gains last month may be taken away by what's become a pretty harsh March.
- The major averages are flat on the session, but the ITB is higher by 1.4%, and XHB 0.8%.
- Toll Brothers (TOL +1.7%), KB Home (KBH +1.8%), Pulte (PHM +1.3%), D.R. Horton (DHI +1.2%), Lennar (LEN +1.1%)