US DATA: Aug housing starts -5.0% to 571k but permits +3.2% in a
rebound to 620k. Starts weakness was widespread. 1-fam starts -1.4% and
5+ was -12.4%; by area the only gains were in multis in MW and +7.6% in
South 1-units (also a rebound from July’s drop). 1-fam permits +2.5% to
413k, putting them about in line with 417k starts. The ‘strength’ in
permits was in 178k multis (+0.6% MOM) vs 148k starts, suggesting if
there are gains in hsg they will be from investment-type properties and
from seeing more renters. The data continue to suggest the hsg mkt will
not move much ahead. Completions -2.7% and units under construction
-1.2% complete the report, hardly robust. Overall the numbers were a
little worse than expectations.