You are not permitted to argue with mathematics.
Groundbreaking to build homes rose in February and new permits for construction climbed to the highest level since 2008, a sign the nation’s housing market recovery is gathering steam.
The Commerce Department said on Tuesday that starts at building sites for homes rose 0.8 percent last month to a 917,000-unit annual rate. That was in line with analysts’ expectations of a 915,000-unit rate.
Starts for single-family units, which comprised about two thirds of the total, edged up 0.5 percent to their highest level since June 2008.
Permits for future home construction rose to a 946,000-unit rate, also the quickest since June 2008.
The housing market has regained some footing after a historic collapse that helped push the economy into a deep recession.
Home building added to national economic growth last year for the first time since 2005 and Tuesday’s data reinforces the view that it will provide stronger support this year. That could help counter the drag expected from tighter fiscal policy as Washington works to shrink the federal budget deficit.
“Home building continues to recover and add to the recovery,” said Gus Faucher, an economist at PNC Financial Services in Pittsburgh. “The rise in permits suggest we will have a solid spring.”
“The Fly” plays “the wall board”, very long Warren Buffet’s very own housing play, USG.
I also prefer BZH over the other builders because they are smaller capped and in the midst of repairing their stupid balance sheet. Back in the old days of last week, my largest position was BX, largest corporate owner of residential homes in the US. After them, PSA is steadily increasing their exposure, storing human beings for a nice return.
Lastly there is my largest position, RAS, who are commercial RE lenders, investors and managers. This company is in the midst of revival, penis hanging out, running around town with cocaine on their faces (absolutely no homo, don’t even think about it). RAS just increased their divvy. Expect more of that in 2013.
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Is it a problem long term that hedge/PE funds are the marginal buyers of “housing” more so than Joe Schmuck on the street, or should I just keep on dancing (no Chuck Prince)?
What in the hell are you talking about, son?
$Z +95% YTD
Nice!!
traders are free to argue with the overlords’ decrees – picking a fight with the market isn’t typically a great idea, though –
my market is really kicking ass right now and these numbers aren’t credible, to me – i think they’re counting remodel permits in new construction, still good for USG –
capital job, chum –
Houses are being snapped up here as soon as they hit the market at the asking price. Those that are greedy and ask 10-15% more than they are worth have to wait a couple of months.
Speculators are bull dozing the older homes and erecting McMansions, complete with parapets and wine cellars.
NEW ZEALAND IS NEXT!!! GET YOU MONEY OUT OF NEW ZEALAND!!!
http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-style-solution-for-new-zealand.htm
Could not happen to a better country.
Viz.
LOL
Snagged some RLGY after their last earnings report and have not regretted it even a little.
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