HOUSING HORRORS

While August housing starts slid 6% Y-o-Y, all-important single-family starts slid almost 12% Y-o-Y. Worse, housing permits slid 11% Y-o-Y, and at 1.362 million annualized and seasonally adjusted, have been steadily weakening since at least early 2023 and as far back as early 2022, and are at their worst level since 6/20. Lower interest rates will be almost as helpful to new home construction as pushing on a string.