New Home Permits Fall, Primarily Due To Multifamily
An indicator of future new home starts has fallen again, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. The December 13, 2010 news release states that November New Home permits fell 4% from October. This is an indicator that future demand of lumber and building materials may stabilize or trend lower in coming weeks.
Single family permits were 6.9% above October’s seasonally adjusted rate of 435,000. Single family permits rose in the Northeast, Midwest and South. Only the West had a decrease in single family permits.
New single family permits, starts and inventory all remain near a multi-decade low.
Many lumber prices continue to rise as global demand outpaces supply. Many items are difficult to find and some are no longer being made, as mills have focused on producing items that are readily marketable.
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