this keeps worsening

oh my gosh folks it has happened again

we've gotten another report on housing

you're not going to believe this one

whoo

housing starts this is usually a leading

indicator of a home builder sentiment

was estimated to contract one point

eight percent

uh last month we had a negative point

two percent reading so kind of nominal

right and this is month over month that

was actually revised up it was rised up

to positive five point five percent okay

cool 5.5 growth and building starts

that's actually a good revision upwards

right

but folks we just got the numbers for

may because that was april that was

rised up april

uh was was okay okay 5.5 percent may

complete freaking disaster listen to

this the survey was for negative 1.8

the actual month-over-month read for may

came in at negative

14.4

on a monthly basis that's over a

negative 160 percent annualized decline

that's insane negative 14.4 percent this

is a massive drop housing starts

huge leading indicator that builders are

saying why the hell would we build more

homes at this point we've got plenty of

homes to finish as jay pal mentioned

we've got plenty of homes to bring to

market we got to make sure the homes

that we're building right now we

actually end up capable of selling and

with mortgage rates having gone up about

four percent now uh rising again today

again folks again the highest rates now

people getting pre-approved closer to

six and a half percent

and we get this number here building

permits which i'll tell you about in a

second

not good folks not good for housing uh

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we're gonna have another price increase

coming up next friday so the next stat

here building permits

this is different so remember housing

starts is how many homes are actually

starting uh construction like they're

all right you know plans approved let's

uh let's go ahead and start paving uh

you know compacting the dirt and pouring

a foundation framing the foundation

whatever right building permits is

another leading indicator and it's a

sign of hey you know because look you

could have already filed the permits and

you're like all right well we've already

got the approved permits we may as well

build the homes right that's like

housing starts like we may as well build

them that to contract 14.4 is insane but

here we go building permits we were

expecting only a two and a half percent

contraction in may we actually got a

seven percent contraction in may folks

the people in the real estate industry

home builders

they know this is not good anybody

telling you that home prices are gonna

be okay

i don't know i don't know about that i

don't believe it jerome powell punted on

whether or not he thought home prices

would fall but he definitely said

wait for a reset if you're a home buyer

right now and come on when you're

waiting for a reset which means the

balancing of supply and demand you know

that means prices and mortgage rates

should soften before you buy anyway this

is the time to learn folks learn about

investing in real estate but these

numbers are absolutely terrible thanks

so much for watching we'll see you soon

bye