Despite starts declining for a second straight month, yesterday’s housing numbers were pretty good. Year-to-date starts are up 3.7%, with single-family starts up a solid 8.6% and at their best level since 2/16. While multifamily starts fell a staggering 38% in September, they are down just 5.6% year-to-date. Moreover, permits rose for the fifth time in six months and are at their highest level of the year, suggesting future strength.

Elliot F. Eisenberg,

Ph.D. GraphsandLaughs, LLC