Housing Starts Up and Permits Down

It seems the housing market is at odds with itself. While housing starts are up, building permits are down.

"Building permits fell 7.5 percent in June to a pace of 1.406 million units. That's just above the 1.402 million unit rate seen in June 1997 and below the 1.48 million unit rate that economists had expected.

Wednesday's data comes a day after a report indicating that home-builder confidence is sinking as mortgages become more difficult to obtain, with banks tightening their lending standards." - MSNBC

Oddly enough, home builders in Las Vegas are planning for a much better 2008. Some are improving lots preparing for an improving market. It will be interesting to see.