If this is a recovery, what does it look like when we see a downturn? Perhaps the news will get it right this time. Instead of strutting out the “less bad” commentary, perhaps we will hear:
- Less Good
- More Bad
- Not Stabilizing
- Brown Shoots
- We were wrong…
Nah…That wouldn’t be politically correct.
- Multi-family starts fell a whopping 34.5% as only 53,000 new units were started.
- Multi-family starts have never been this low since the index was created in 1959.
- Housing construction drops 10.6 % in October, building permits fall 4%.
Long-term, it looks even worse – never seen such a low since records were established.
Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the date published.