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Shocking Housing Starts Data: Economists Blown Away by 11-Sigma Beat after Record-High Surge
After two months of disappointing, declining housing starts and permits - understandable with mortgage rates around 7 percent - the May data was a shocker, according to Tyler Durden of ZeroHedge. After a modest revision to the April data, both housing starts and permits exploded higher in May in a move that has stumped economist and strategists. Beginning home construction soared 21.7 percent ... to a 1.63 million annualized rate.
The 291K increase in housing starts was the biggest monthly increase in actual units on record, and was the biggest percentage increase since October 2016, reflecting gains in three of four U.S. regions.