Nov housing starts +3.2% to 1.256m SAAR,....>

US DATA: Nov housing starts +3.2% to 1.256m SAAR, above the 1.220m rate 

expected following a downward revision to October and an upward 

revision to September starts. 

- Starts were up in the Northeast (+37.8%), and in the South (+15.1%), 

but down in the Midwest (-19.2%) and West (-14.2%). 1-family starts 

-4.6%, and multi-family starts +22.4%. 

- Building permits +5.0% to 1.328m SAAR vs 1.253m expected, with 1-family 

permits +0.1%, and multi-family +14.8%. Homes permitted but not started 

+3.5%.

- Nov starts were slightly above their Q3 average, and permits were also

above their Q3 averages.

- Homes under construction +0.7%, and completions +0.4%, so new home 

supply for sale is likely to rise in the near term.