Multifamily drop causes housing starts to reverse course

07/17/2013 | USA Today · Bloomberg

Multifamily starts plunged 26.2% between May and June, contributing greatly to the 9.9% dip in housing starts in June. This marks a departure from the recent string of buoyant indicators in the key market. Building permits were down as well, but analysts remained optimistic. "I don't think this one data point is immediately concerning. The housing markets are going to be a driver of economic growth," said Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott.

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USA Today · Bloomberg

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