Delayed December Housing Starts fell 11.2% from November to an annual rate of 1.078 million units versus the 1.254 million expected. It was the slowest pace since September 2016. Building Permits were essentially unchanged at 1.326 million versus the 1.290 million expected. Year-over-year, Housing Starts fell nearly 11% with losses seen in both single-family starts (-6.7%) and multi-dwelling units (-22%). Fannie Mae Chief Economist Doug Duncan said last week, "Falling - or at least not rising - interest rates, strong employment, continued wage growth, and a deceleration in home price appreciation should support more favorable homebuying conditions heading into the spring, along with improved affordability.
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