Housing starts jumped 9.3% in November - HOWEVER...

Home Sweet Home, or at least it used to be, until I couldn’t pay the mortgage payments and I couldn’t sell it because I owed more than I could get (underwater mortgage) so it was foreclosed by the bank.

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WHAT YOU’RE HEARING FROM THE MEDIA AND GOVERNMENT

Housing starts jumped 9.3% in November, according to the Commerce Department, to the highest level since April 2010.

The year-over-year increase works out to 24.3%, driven mostly by construction of apartment complexes for all those people who can no longer afford to be “owners” of underwater properties.

Permits, an indicator of future trends, rose 5.7% month over month, and 20.7% year over year.

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This is where my family lives now in my one-room apartment. Our brand-new living quarters, and we’re helping to boost the stats about the housing starts, but that brings me no joy. Makes the government happy though. They brag it up!

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HERE’S HOW THEY LIE!

WASHINGTON (MarketWatch) — New construction of U.S. houses rose 9.3% in November to a seasonally adjusted annual rate of 685,000 – the highest annual rate since April 2010 — with multi-family activity leading growth, according to Commerce Department data released Tuesday. Starts for multi-family residences rose 32.2% in November to a rate of 230,000, the highest level since September 2008. Meanwhile, starts of new single-family homes rose 2.3% to an annual rate of 447,000. Starts in October were revised down to 627,000 from a prior estimate of 628,000. Economists polled by MarketWatch had expected an annual rate of 635,000 for starts in November. Building permits, a leading indicator of housing construction, rose 5.7% to a seasonally adjusted annual rate of 681,000, the highest annual rate since March 2010.

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