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Single Family Housing Starts Increase in September. Building Permits Decline
New housing starts rose less than expected to 590,000 annualized units, economists were expecting a rise of 610,000 units after a read of 598,000 in August (which was revised lower to 587,000 annual units). The rise in new housing starts was a factor of a 3.9% increase in single family construction starts while multifamily starts fell by 15.2%. Building permits fell by 1.2% to 573,000 annual units led by a 3.0% decline in single-family permits while multi-family permits rose by 6.0% to 123,000 annualized units.rnrnrn
Treasury, HUD Announce Program to Aid HFAs
The Departments of Treasury and HUD announced a new two-prong program to keep Housing Finance Agencies in the lending business. One part of the program will support the issuance of new bonds, the second will help the agencies meet current obligations.
Stocks Hit New 2009 Highs on Earnings, Oil Rally, Dollar Weakness
US equities are poised to open at fresh one-year highs on Tuesday morning. Sentiment is higher owing to Apple’s post-closing bell announcement that it had sold 7.4 million iPhones and more than 3 million computers. An upbeat session in Asia hasn’t hurt either. The Shanghai Index jumped 1.52%, while shares in Japan climbed 0.98% and those in Hong Kong moved up 0.83%. rnrnNovember contracts for light, sweet crude are coming close to the psychological barrier of $80 per barrel this morning. Prices have advanced for eight straight days as the US dollar continues to struggle near one-year lows. The euro
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