The US Census Bureau published its June report on approved building permits this afternoon. The annualized data suggests that new housing demand may be rising as we head into the turbulent summer months.
Expectations for this report were for the issuance of 0.55M building permits for the previous month. The actual results, however, surprised some investors with an optimistic jump to 0.61M new building permits issued. The report could serve as a foreshadowing of increased activity in the US housing market, but whether it will help lift home prices from their detrimental low is yet to be seen.
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