Hat-tip Housingdoom for the permits graph...

It was fascinating to see 99% of headlines yesterday shout out "Housing Starts Down 2%", when indeed, housing starts were down 24%. Twenty-Four Percent. Two-Four.

Yes, 24% versus last year. The only number that really matters. And to spin permits as "up" is like spinning Bush is "soaring"

Here's a columnist from Motley Fool who did his job yesterday. Voice in the wilderness.

May Housing Starts Tumble

Housing starts came in at a seasonally adjusted annual rate of 1.47 million, down 2.1% from the downwardly revised April estimate, the Census Bureau said Tuesday. On a year-over-year basis, the May housing starts dropped 24.2%.

But here's a selection of headlines from papers that should be shut down:

Housing starts fell 2% in May; building permits rose 3%
US housing starts fall 2% in May
US Housing starts decline 2.1% in May
May Housing Starts Fall 2.1%, but Permit Activity Picks Up
Housing Starts: Is the Worst Behind Us?