Hurricane Florence Hits Housing Data
Hurricane Florence blew September Housing Starts down 13.7% in the South, though they were up 3.8% in the rest of the country. So, starts overall slipped 5.3%, to a 1.201 million annual rate.
The National Association of Home Builders chairman noted their confidence index rose on "solid housing demand fueled by a growing economy." In addition,"lumber prices have declined for three straight months."
September Existing Home Sales were down 3.4%, with Florence contributing to a 5.4% dip in the South. Lack of supply is the prob, but inventories are improving, now up two months in a row after 18 months flat or down.
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