SINGLE-FAMILY SLOWDOWN

While June housing starts were up 3% M-o-M to a 1.353-million-unit annualized rate, the rise was all volatile multifamily driven. Single-family starts fell 2.2% and are now down four months in a row. Moreover, June starts came in at 980,000 annualized, an eight-month low. Lastly, single-family building permits fell 2.3% M-o-M, on top of a 2.2% slide in May and are now down five months in a row.