The US released its Housing Starts for the month of November coming in at 1.19 million higher than the forecasted reading of 1.17 million and lower than previous reading of 1.23 million. Also the Building Permits reading were released for the month of November which came in at 1.15 million in line with expectations and lower than Octobers reading of 1.17 million.

The black sheep here are the building permits as the reading came in marking the lowest since June 1993. With them being at a lower level than the starts, the economy might be facing more weakness ahead! The question mark however remains on whether the report is actually trustworthy or not since now the gains in October seems to be a fluke and people are questioning them!

Single Family units fell 4.5% in November to 829,000 from October's reading of 876,000 units making it the lowest pace since April 1991. As for multi family units, they were able to offset the negative affect of the single units when it came in showing that construction has increased to 332,000 units in November from the prior reading of 318,000.

Regionally speaking, housing starts in the Northeast dropped 16.3% to 128,000 units in November from 153,000 last month. The West and Midwest also witnessed a downturn as it fell by 6.9% and 1.5% respectively. On the other hand, the South rose 0.3% in November to reach 601,000.

In a different report, the National Association of Home builders reported that builder sentiment remained at very low levels. And now that the year has almost come to an end and specifically the fourth quarter, the final reading of the quarter might be dreadful. But again, we can't tell time nor the future, so the only safe thing to do is wait for the actual data since the direction of the dollar is remains undetermined…