US Housing Starts Decline, Building Permits Stabilize

US Housing Starts Decline, Building Permits Stabilize

US Housing Starts Decline, Building Permits Stabilize

$DIA, $SPY, $QQQ, $VXX

US home-building declined in December on a slowdown in the construction of single-family housing units following 2 months of strong gainers.

Housing starts decreased 8.2%to a seasonally adjusted annual rate of 1.192-M units, the Commerce Department said on Thursday. November’s sales pace was revised up to 1.299-M units from the previously reported 1.297-M units.

Economists polled by Reuters had forecast housing starts decreasing to a pace of 1.275-M units last month.

December’s moderation in home-building is likely to be temporary due to strong demand for housing that is being driven by a strong labor market.

Builders continue to struggle with labor and land shortages as well as more expensive lumber.

A survey out Wednesday showed confidence among home-builders slipping from an 18-year high in January.

Builders expected a dip in buyer traffic and sales over the next 6 months.

Single-family home permits advanced 1.8% in December, while permits for the construction of multi-family homes fell 3.9%.

Thursday, the major US stock market indexes finished at: DJIA-97.84 at 26017.81, NAS Comp -2.23 at 7296.04, S&P 500  -4.53at 2798.03

Volume: Trade on the NYSE came in at: 867-M/shares exchanged

  • NAS Comp: +5.7% YTD
  • DJIA: +5.3% YTD
  • S&P 500: +4.7% YTD
  • Russell 2000: +2.7% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Very Bullish (0.63) Bullish (0.46) Very Bullish (0.73) Very Bullish (0.71)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Very Bullish (0.62) Very Bullish (0.50) Very Bullish (0.77) Very Bullish (0.58)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Bullish (0.48) Bullish (0.40) Very Bullish (0.65) Bullish (0.40)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Bearish (-0.43) Very Bearish (-0.52) Bearish (-0.47) Bearish (-0.29)

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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