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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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The weaker housing market outlook continues to be mainly a single-family story: single unit permits and starts both dropped to post-pandemic lows in September (top panel in chart below; full Census Bureau report here). Whereas multi-family permits and starts (middle panel) remained around their all-time highs.
- That's consistent with mortgage rate-sensitivity impacting on households more than multi-family unit investors.
- Overall though, there is a record number total housing units currently under construction (see bottom panel), with multi-family construction at the highest since February 1974.
- Could a flood of housing completions in the coming year mean that relief is ahead for rents, which have been increasingly driving overall core inflation?
Source: Census Bureau, BBG, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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