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Economy in Brief

Housing Starts Down More Than Expected
by Tom Moeller October 19, 2004

Housing starts fell 6.0% last month to 1.898M following an upwardly revised 1.8% August rise.Consensus expectations had been for 1.95M starts in September.

Single-family starts fell a sharp 8.2% m/m. but the year to date single family average 6.2% above last year. Multi-family starts rose 4.7% following an upwardly revised 5.6% August gain.

Housing starts in the Northeast fell a hard 26.9% (-21.0% y/y) and were off m/m throughout the rest on the country

Building permits rose 1.8% m/m and gained back some of the prior month's 4.7% decline.

"House Prices and Fundamental Value" from the Federal Reserve Bank of San Francisco can be found here.

Housing Starts (000s, AR) Sept Aug Y/Y 2003 2002 2001
Total 1,898 2,020 -1.2% 1,853 1,710 1,601
  Single-family 1,540 1,678 0.2% 1,505 1,363 1,272
  Multi-family 358 342 -7.0% 348 347 330
Building Permits 2,005 1,969 3.2% 1,889 1,749 1,637
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