The U.S. Department of Housing and Urban Development and the Commerce Department report that housing starts rose 1.5% in October to a seasonally adjusted annual rate of 1.23 million units.
Sounds good, huh?
But when you dig deeper into the data, you can see some problems in the single-family sector.
Single-family starts edged down 1.8% to 865,000 units while construction of multi-family dwellingsincreased by a whopping 10%.
"This month's decrease in single-family starts isn't a surprise given the drop in our builder confidence index," saysNational Association of Home Builders Chairman Randy Noel. "Builders are showing caution as mounting housing affordability concerns are forcing some consumers to delay making a home purchase."
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Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience.