July 18, 2011 / 8:45 PM / 8 years ago

IFR Preview-U.S. housing starts seen rising in June

WHAT: Commerce Department Housing Starts, June
WHEN: Tuesday 0830 EDT (1230 GMT)
FORECASTS                      Reuters    IFR       Previous
Starts (units, annual rate)    575,000    600,000   560,000
Permits (units, annual rate)   600,000    590,000   609,000
IFR COMMENTARY: "Housing starts should see a nice boost in
June, from 560k to about 600k, following the May surge in
permits from 563k to 609k. Permits should drop back down to
about 590k.
 Multi-unit permits represented a little over 3/4 of the May
jump, hitting their highest since January 2009. While
multi-unit construction appears to be trending slowly upward in
response to the great housing collapse, an increase of that
size strikes us as likely to lead to a reversion in June.
Single-unit permits will likely tread water, or even gain
slightly, to about 410k.
 Once this relatively small bump passes, we expect starts
and permits to return to their basically flat trend of the last
two and a half years. They are running at just a little over a
quarter of their peak rates, and that's unlikely to change
until the overhang of existing home inventory is significantly
worked off."
 For more Reuters consensus forecasts for U.S. indicators,
double-click on [ECI/US]
 -- by Theodore Littleton of IFR Markets, a unit of Thomson
Reuters.


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