Mortgage interest rates, credit standards and buyer sentiment have all been stable over the past couple of months. But both mortgage applications for home purchase and home sales have seen further declines, and July single-family housing starts failed to recover from their sharp dip in June. But there is some evidence that the loosening in the rental market seen over the past couple of years is coming to an end. That is supporting rental growth, which has been stable at around 4% y/y on the CPI and Reis measures.
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