The home construction numbers are out for August 2017. 1-unit starts rose 1.55% MoM while 5+ unit (multifamily) starts fell =5.83% MoM.
Yes, 1-unit starts are finally back to 1991 levels. The Fed’s contribution to the housing bubble can be seen by their rapid rate cuts followed by rapid rate increases as housing construction boomed and then went bust.
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5+ unit (multifamily) starts fell MoM and are at same level of growth that existed from 1995 to 2007.
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