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Housing Starts Reverse Last Month's Big Miss

FYI: After last month's big miss in Housing Starts where the reported number missed expectations by 127K, Tuesday's Housing Starts report for July exceeded expectations by nearly the same amount. While economists were forecasting a seasonally adjusted annualized rate (SAAR) of 968K, the actual level came in 125K higher at 1,093K. This was the third better than expected reading of the year and the biggest beat relative to expectations. At the current level for July, Housing Starts are just 12K from taking out the post-recession high of 1,105K from November
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