by John Galt
February 16, 2012 21:45 ET
The housing news, as usual, was spun by the Obamamedia, the Fedomedia, and the Bullmedia as the ultimate sign that once again, for the 113th time in 4 years, “We’ve turned the corner!” And as the unicorn pooping skittles and rainbows sprayed the news over Wall Street and the gullible morons of the nation, reality is here, at these pages.
First, let’s not sugar coat this. Starts were up my friends. They were up nicely. In fact on a non-seasonally adjusted basis, they were the highest they have been since January 2008:
Unfortunately, in 2008 the January number was over 70,000 so the starts are still behind the recessionary levels of that year and only slowly bouncing up, primarily on demand for multi-family housing.
Permits for multi-family housing led the way, but for single family homes let the charts speak the volumes of truth the media will not discuss:
If one takes a second to not brush over the graph and note the circled area, the data indicates a consistent level of 30-40 year plus lows. I guess “improvement” is in the eye of the Eisenhower beholder.
The number of homes under construction remains at all time historic lows also, for both multi-family and single family homes:
Lastly, the most horrific data point is indicated by the all time historic low for single family completions as registered in January of this year. The graph does not lie, the data does not lie, but don’t worry, the administration, financial television, stock brokers, and the NAR will tell enough lies to keep the average schmuck’s head spinning.