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Housing Permits Soften, Starts Plummet; Millennial Homeownership Headwinds; Refi Apps Improve

Housing Permits Soften, Starts Plummet; Millennial Homeownership Headwinds; Refi Apps Improve

All three measures of residential construction activity performed poorly in June , and the two most closely watched numbers, construction permits and housing starts, fell short of their June 2017 numbers. Despite the monthly and year-over-year declines, the U.S. Census Bureau and the Department of Housing and Urban Development report that activity in the first half of 2018 is still ahead of the same period last year. The worst numbers were for privately authorized housing starts. They failed to hold on to their gain in May, dropping 12.3 percent to 1,173,000 units. May's estimate of 1,337,000 units was revised down from the original 1,350,000. The June estimate fell below the June 2017 pace by 4.2 percent. The results didn't come close to meeting expectations. Analysts polled by Econoday had
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