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MNI DATA ANALYSIS:US April Housing Starts Slip To 1.287m SAAR>

--April Building Permits Down 1.8% To 1.352 Mln SAAR
--March Starts Revised Up To 1.336 Mln From Previous 1.319 Mln
By Kevin Kastner
     WASHINGTON (MNI) - The pace of housing starts fell by 3.7% to a 
1.287 million seasonally adjusted annual rate in April, below 
expectations for a 1.313 million rate after jump to an upward revised 
1.336 million pace in March, data reported by the Commerce Department 
Wednesday morning showed.  
     Annual revisions were included in the data. 
     Housing starts fell by 8.1% in the Northeast, by 16.3% in the 
Midwest, and by 12.0% in the West regions. These declines were partially 
offset by a 6.4% rise in the large South region. 
     Housing starts of single-family homes rose by 0.1% in April after a 
0.8% decline in the previous month, so the bulk of the headline decline 
came from multi-family starts, which fell 11.3% in the month, based on 
an MNI calculation. This followed a 13.6% rise in the previous month. 
     Building permits fell by 1.8% in the month to a 1.352 million rate 
after rising to 1.377 million in March. Homes permitted but not started 
rose 1.9% in April. 
     As a result, starts could see a rebound in the coming months, 
particularly for single-family homes. Single-family permits authorized 
rose 0.9%, while multi-family permits were down 6.3%. Additionally, the 
NAHB index for April reported on Tuesday showed an improvement in 
builder confidence after declines in recent months. 
     The April housing starts pace was down from the 1.320 million first 
quarter average after all revisions were included. The April permits 
pace was slightly behind the 1.355 million first quarter average. Some 
improvement is possible as the second quarter progresses. 
     Homes under construction were flat, while completions rose by 2.8%, 
suggesting increased new home supply in the coming months. 
     ** MNI Washington Bureau (202) 371-2121 ** 

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