Pent-up demand among people working 20 & 30 hours a week doesn't translate into actual purchases.
I just don't believe anyone anymore.
You forgot to use the word ‘unexpectedly.’
Bad weather, too much global warming, people decoded not to shop. Yada Yada,Yada. Housing has been in the dumps for a half decade. There is no sign that new housing will rebound to pre-recession levels anytime soon.
Too many young people are Baristas instead of Business People. Too many’children’ are on their mommy’e health insurance at 26 to actually go out buy a starter home. Way too many ‘young adults’ spend their days in mommy’s basement playing World of War than go to a job that leads to a career. Way too many college graduates are suffering with six figure debt for degrees that will allow them a low five figure salary.
Also too many middle thirty and forty year old people are underwater on their ‘starter home’ to make the move to a larger home in the hinterlands.
FROZEN ground is hard to break.
Less than 625,000 single family homes had building permits drawn last month the remaining where multi-family (Apartments, Condo?, and GOVERNMENT HOUSING).
Renters do not spur economic activity at near the rate as buyers. They do not generally buy a great deal of household items that one would call durable goods. High end washers, dryers, refrigerators, etc... Rental units carry the least quality items available to meat the demand of a renter, who by definition is less stable economically.
The weather might actually be an excuse this time. February was friggin COLD! And it never quit snowing.
Best economy eva...
Weather was exceptionally unfavorable in the East in February - can’t lay concrete when it is too cold.
If it was a weather-related delay, we should see a rebound effect in March
Is this year over year? That’s all that really matters regarding this number.
A friend is selling her home for 30k less then it was worth 10 years ago. If it sells.
It’s all that Global Warm....
.. I mean CLIMATE CHANGE!
only 3.3% below the pace in February 2014
I work for a national homebuilder. We are cranking in Florida.
“Housing?” Apartments, rent-seeking parasites,...
Rent-seeking
https://en.wikipedia.org/wiki/Rent-seeking