US home construction regains steam as housing permits spike to 12-1/2 years peak


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US home construction regains steam as housing permits spike to 12-1/2 years peak

On Tuesday, the 17th of December 2019, US Homebuilding data released on GMT. 19.00, had portrayed a solid depiction of US Housing Market, as US home constructions surged more than anticipated in November, while housing permits for future home constructions had spiked to a 12-1/2 years peak, as a multi-year low mortgage rate following three Fed rate-cuts this year continued to support the US housebuilding industry.

In point of fact, Tuesday’s (December 17th) housing data came as a fresh breather for the US housing market which had been suffocating over the recent years amid a higher borrowing cost, while other US data released on Tuesday (December 17th) had shown that the US economy was growing at a decent pace despite growing whispers of an economic slowdown.

Nonetheless, according to US Housing data released on Tuesday (December 17th) US morning trading hours, building permits grew by 1.4 per cent, insanely beating an analysts’ forecast of a drop of 3.8 per cent, while US Housing Starts data had surged by 3.2 per cent, surpassing an analysts’ estimate of a rise of 2.0 per cent.

On top of that, overall housing starts mounted 13.6 per cent last month on a year-on-year basis, while building permits in November had breached its highest level since May 2007, scoring a rise of 1.482 million units last month.