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Hiccup in Housing

February 22, 2013 – 6:01 pm

Building Safety Week 006 (1)Housing numbers reported for January this week didn’t seem to be as strong as in previous months. However, in looking a little deeper it comes down to a very weak report on apartment construction. There was a small increase in single family home starts and permits were up 1.8% painting a picture of continued improvement in the future but not a robust one.

Inventory of homes for sale has fallen sharply and is at a ten year low in supply. Therefore existing homes sales may be retarded in the future not because of a demand problem but because of a supply shortage.

Housing is not a problem for our economy at this point. The problem is and will continue to be the job situation. Without more jobs economic numbers are going to remain subdued; this is not going to change any time soon.

Good Trading,
Steve Peasley

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