While housing starts in January fell 15% M-o-M and almost 1% Y-o-Y, that misses the point entirely. Single-family starts slid 4.7% M-o-M but are up 22% Y-o-Y. By contrast, multifamily fell 36% M-o-M and 38% Y-o-Y. Similarly, single-family permits rose 1.6% M-o-M and 36% Y-o-Y, while multifamily permits fell 9% M-o-M and 27% Y-o-Y. Single-family activity is strong and growing while multifamily continues to rapidly contract.