Housing Starts for October were up 155K from September, almost a 14% increase and much stronger than expected, and Housing Permits were up 72K, also beating expectations. Single-family starts were up over 5% which we definitely like seeing.
A recent homebuyer survey showed 79% of homeowners think now is a good time to sell their homes and two-in-three homeowners were actually interested in selling “in the near future.” While many want to sell, they don’t want to become a buyer. For some homeowners, it’s currently owning a home with a very low mortgage that’s the incentive keeping them from selling.
The House passed the tax reform bill with 227 votes in favor compared to 205 against.