DWELLING DEPRESSION

May housing starts were 1.277 million annualized, down 19.3% YoY and at their lowest since 6/20. Multifamily starts fell a whopping 52% Y-o-Y, single-family starts were off just 1.7% Y-o-Y but are down three months in a row for the first time since early 2023 and at their lowest level since 10/23. Moreover, single-family permits have fallen four months in a row and are at an 11-month low. Slip-sliding away.