> July 2009 Housing Starts

Total housing starts were basically flat in July, coming in at an annualized rate of 581,000 units compared to June's rate of 587,000 units. The stability in total starts, however, masks a growing split between starts of single family and multi-family units. Single family starts are clearly off of their cyclical bottom and are likely to remain fairly stable over the near term, particularly given the downside risks still facing builders, while the combination of currently weak rental market conditions and a restrictive financing environment is taking a toll on multi-family construction, which we expect to remain the case over coming quarters.

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