CNN.Com is reporting some good news in housing, or at least that is how it is being perceived --- housing starts came in above expecations.
Privately owned housing starts fell to a seasonally adjusted 1,065,000 annual rate in Feburary, according to the Census Bureau. The rate was down 0.6% from January and off 36% year-over-year.
Economists surveyed by Briefing.com expected 995,000 new starts.
Permits for new building declined 7.8% to 971,000, well below the 1.02 million Briefing.com consensus forecast.
So being down 36% Year over Year, and running at a level we have not seen in 16 years, and this is good news... wow it is amazing what lowering one's expectation is. Next week's paycheck will be grand as I am expecting that I will only be earning minimum wage, so I'll enjoy the shock to the upside...[/snark]