US Housing Starts: Back on track - Wells Fargo

Housing starts rebounded solidly in June in the US after three months of declines, noted analysts at Wells Fargo. 

Key Quotes: 

“The housing recovery got back on track in June. Overall starts rose 8.3 percent and the prior month’s decline turned out to be only about half as large as previously thought. Permits for future construction also increased, climbing 7.4 percent.”

“The rebound in housing starts was widely expected. Activity in prior months had been held back by unusual seasonal factors that have now largely played out.”

“Single-family starts jumped 10.6 percent in the West and rose 9.3 percent in the Northeast. The South, which accounts for over half of single-family starts, saw starts rise 7.2 percent.”