April’s Housing starts data

• Initial construction of US homes and building permits both sank to record lows in April.
• The same report also showed  signs of stabilization in the single-family core of the housing market.

"The weakness in April was concentrated in the multifamily sector of the market - condos, apartments, and so on, that likely stems from the ongoing condo glut and the tighter financing conditions we've seen in the commercial real estate arena." – Mike Larson (Real estate and interest rate analyst)

• Housing starts fell 12.8% to a seasonally adjusted rate of 458,000, down 12.8% from a revised 520,000 in March.  Economist were expecting 520,000.
• Privately owned housing starts were 54.2% below the revised April 2008 rate of 1,001,000.
• Applications for building permits were down 3.3% seasonally adjusted to 494,000 in April.

Housing Permits
Nationally

• Single family housing permits -42.3% YoY compared to April 2008

Regionally

• Northeast, single family housing -42.9% YoY compared to April 2008.
• Midwest, single family housing permits -42.1% YoY compared to April 2008.
• South, single family housing permits -42.5% YoY compared to April 2008.
• West, single family housing permits -41.9% YoY compared to April 2008.

Nationally

• Single family housing starts -45.6% YoY compared to April 2008.

Regionally

• Northeast, single family housing starts -34.5% YoY compared to April 2008.
• Midwest, single family housing starts -36.6% YoY compared to April 2008.
• South, single family housing starts -47.6% YoY compared to April 2008.
• West, single family housing starts -50.6% YoY compared to April 2008.

Housing Completions
Nationally

• Single family housing completions -32.1% YoY compared to April 2008.

Regionally

• Northeast, single family housing completions -36.0% YoY compared to April 2008.
• Midwest, single family housing completions -30.7%YoY compared to April 2008.
• South, single family housing completions -294% YoY compared to April 2008.
• West, single family housing completions -37.2% YoY compared to April 2008.

As noticed from these graphs shown above, the only uptick is in the privately owned housing starts or houses.  Commercial residential buildings are still on a decline.   

Source: CNN Money, ST Louise FED & FX Street