CNN has the following crawl up:
Housing starts surge 17.2 percent in May; building permits creep up percent.
Now when I ask this question, remember that I am working from a point of ignorance when we talk about the economy. My question is why would housing starts surge so much in May when we have a glut in the housing market? I keep reading at Calculated Risk about the large housing inventory, the number of foreclosures swamping the market, whole condominiums up for sale without even having gas and electric hooked up yet, etc. Why would production be ramping up if all this inventory is out there?
*** Update ***
Should have checked CR before I posted. They have a thread up already about this.