Announced this morning, Housing Starts in October were 1.23 million, matching forecasts. In addition, Building Permits were 1.26 million, also in line with expectations. Housing Starts were driven by an increase in the South and multifamily homes. Affordability remains an issue, as mortgage rates are now near 5% for a thirty year loan. However, higher wage growth amidst a firm labor market is giving consumers some ability to handle it. Markets remain volatile as investors are focused on concerns over trade and weakness in certain technology companies that were higher earlier in the year. In all, equity futures are lower heading into the market open. We wish everyone a safe and Happy Thanksgiving!
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