First, this isn’t even being reported on CNBC and is only way down on Bloomberg’s website.

Second, this is the last thing an economy faced with a demand shock from tax hikes and sequesters needs. Housing is the sector of hope for agents’ spending more than their incomes to offset the mounting demand leakages.

Third, the Fed Chairman’s remarks regarding fiscal headwinds having more effect than expected and continuing longer than expected have largely gone unreported as well. He’s right, of course, and in fact the ‘permanent’ deficit reduction is just that, and not only doesn’t go away but makes the fiscal headwinds of the automatic stabilizers that much more of an obstacle.

Fourth, seems ‘confidence’ isn’t all it’s been cracked up to be, as previously discussed…

Housing Starts in U.S. Unexpectedly Fall to Lowest in a Year

Starts of new U.S. homes unexpectedly fell in June to the lowest level in almost a year, indicating a pause in the industry’s progress.

Work began on 836,000 houses at an annualized rate last month, the least since August 2012 and down 9.9 percent from a revised 928,000 pace in May, figures from the Commerce Department showed today in Washington. The reading was weaker than projected by any economist in a Bloomberg survey, and permits for future projects also declined.

The decline was led by a slump in multifamily projects, which can be volatile, and the level of permits remained higher than starts, which may point to a rebound this month. A limited supply of land is also a hurdle for housing, even as near record-low mortgage rates and improving job opportunities draw buyers.

“Housing will continue to grow, but it will be at a gradual pace,” Sean Incremona, a senior economist at 4Cast Inc. in New York and the top forecaster for housing starts in the past two years, according to data compiled by Bloomberg, said before the report.

The median estimate of 83 economists surveyed by Bloomberg was for a 960,000 rate. Forecasts ranged from a 915,000 pace to a 1.03 million rate after an initially reported 914,000 annualized rate in May.

Building permits decreased 7.5 percent to a 911,000 annualized rate in June, compared to a median forecast of 1 million.

Single Family

Construction of single-family houses fell 0.8 percent to a 591,000 rate, the fewest since November, from 596,000 the prior month.

Work on multifamily projects such as apartment buildings slumped 26.2 percent to an annualized rate of 245,000, the lest since August 2012.

Private Housing Authorized by Building Permits SAAR

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US New 1 Unit Privately Owned Housing Units Started SAAR

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Private Housing Units Started Total MoM and YoY SA

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