US housing starts to have bounced back in October - RBS

Research Team at RBS, expects the US housing starts to have bounced back in October to an annualized level of 1,130,000.

Key Quotes

“All of the weakness in starts in September was accounted for by the often volatile multi-family component (-38.0% m/m). In contrast, the single-family starts component was up 8.1% to 783,000 (highest level since February). Moreover, single family permits, which are a somewhat more reliable indicator of the trend in housing activity, rose another 0.4% m/m in September after a 3.5% m/m gain in August. While there have been some varied signals across housing indicators recently, it appears conditions for residential building was generally positive in October.The National Association of Home Builders’ housing market index remained fairly solid in early October, albeit down from a 10-year high in September.”