Analysts predicted that the month of May would bring 1.03 million housing starts and 1.05 million housing permits. What actually happened shows that builders are still wary of taking a risk.
May reported 1.001 million housing starts (29,000 less than predicted) and 991,000 housing permits (59,000 less than predicted).
The current 30-year, fixed rate mortgage average is 4.17%.
It’s no news to anyone that the great recession did a number on the confidence of Americans in general. We are regaining our confidence slower than expected.