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DRV - Multifamily Construction Leads The Housing Market
Drexion Daily Real Estate Bear 3x Shares
By Robert Hughes
Housing construction activity was mixed in May as starts fell by 0.9 percent while permits for future construction rose 0.3 percent. Total housing starts dropped to a 1.269 million annual rate from a 1.281 million pace in April. The dominant single-family segment, which accounts for about three-fourths of new home construction, fell 6.4 percent for the month to a rate of 820,000 units, which extends a modest downtrend (see top chart). Starts of multifamily structures with five or more units jumped 13.8 percent to 436,000, pushing activity above the robust 300,00 to