More Homes… But Built on Broken Signals The government just reported a 5% spike in new home construction for July, clocking in at a 1.4 million annualized pace. Sounds great, right? Look deeper. The bulk of the jump came from multifamily units—up 10% in a single month. Translation: big real estate funds throwing up more overpriced rentals no one wants. Single-family homes? Barely moved—just a 2% uptick. Even mainstream economists are calling the bluff. Pantheon Macroeconomics dismissed it as “noise.” In other words: this isn’t a trend—it’s a twitch. A volatile, error-prone monthly data blip meant to keep the illusion alive for just a little longer. Permits Collapse: The Future’s Already Fading While the media claps for July’s starts, the…
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