Housing starts dropped 19.3% in May as builder confidence continues to slide [Yahoo! Finance]
Wells Fargo & Company (WFC)
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Source: Yahoo! Finance
In May, privately owned housing starts fell to a seasonally adjusted rate of 1.277 million units, down 5.5% month over month and 19.3% compared to a year ago, according to data released Thursday by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD). An annualized decline of 51.7% in multifamily housing starts, which fell to a pace of 278,000 units, is largely to blame for the sizable yearly decrease in total starts. But single-family housing starts also declined to 982,000 units, a 1.7% year-over-year decrease. Industry experts attributed the large yearly decline in multifamily starts to the already high number of apartment buildings being completed, which leading to an easing of rent price growth “Builders are in an ‘if you build them, they won't come,' market, as continued high mortgage rates keep more potential buyers out of the market,” Robert Frick, a corporate economist at Navy Federal Credit Union , said in a statement. The number of
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WFC
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Sec Filings
- 9/20/24 - Form 424B2
- 9/19/24 - Form 424B2
- 9/19/24 - Form 424B2
- WFC's page on the SEC website