It was the Ides of March (best known as the assasination date of Julius Caesar) for housing. Housing starts dropped -6.75% month-over-month (MoM) in March. Both 1 unit starts and 5+ (multifamily) starts were down for March.
The decline was led by the Midwest at -16.22%. But the West had nearly the same decline as the Midwest.
Way out West? Down 16% from February.
Notice that neither the Midwest or West have nearly the growth that they experienced during the housing bubble.
And this is in spite of staggering monetary stimulus from The Federal Reserve.
“You mean our zero interest rate policy and massive agency MBS purchases DIDN’T stimulate housing construction like before???”