The headline number on housing starts for January is strong. That's like saying the economy is showing signs of recovery. Multifamily starts far exceeded consensus expectations, jacking the total, while single-family starts slipped 1%, reflecting continued tenuousness in end demand for new homes in the months ahead. Here's a Calculated Risk quick, qualitative wrap on the new data: "This was above expectations of 540 thousand starts, but still very low.
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