The sharp drop in housing starts in May is not as bad as it looks, as it was entirely due to a steep decline in groundbreaking in the volatile multi-family sector, while unseasonably wet weather in the East seemed to play a role too. Even so, combined with the further decline in building permits and very weak June NAHB homebuilder confidence number, this release reinforces our view that the near-term outlook for homebuilding is bleak.
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