You may have seen the news reports that construction starts were up. The media and the real estate industry have grasped on to this glimmer of good news like a white shark onto a baby seal. But once again the spin doctors are hard at work with the numbers.
Overall residential construction starts were up in October BUT this is only because of a huge increase in the number of apartments/condos being built. Apartment/condo construction was up about 40%, single family construction was down over 7% compared to Sept. Once again these numbers have a large percentage or error at this early date, +/- 10%!
Since most of us are concerned with houses and not apartments or condos the news is more of the same, bad. House construction starts are down 7% (+/- 10%).