US DATA: June housing starts +6.9% to 760k (slightly higher than
expected), and permits -3.7% to 755k, both suggesting continued recovery
in hsg because the levels are aligned. Starts remain in a seesaw higher
and are +23.6% YOY, and 1-fams are recovering. The June starts gain
reflects 5+ units at +17% and single starts at +4.7%. By region, starts
were +22.2% in NE in a rebound, -7.3% in MW, -4.2% in South, and +36.9%
in West. 1-fam starts were higher everywhere, led by +25.6% in the NE.
1-fam bldg permits continue rising overall, though the NE and MW are
lagging. June hsg completions were 622k and units under construction
482k. Overall these data show continued hsg recovery, as expected.