Housing Update 4-18
Housing Starts for March was mixed in that we saw Multi-family units rebound sharply after a period of weakness vs Single family homes which weaken considerably (starts down 3.7% vs prior month) to partially offset. Overall starts beat Bloomberg expectations as a result. However the overall trend in reported housing stats vs expectations has been clearly demonstrating the negative effects of higher mortgage rates. Thus, as we have been saying if your business is tied to housing demand your should be reviewing your business risk accordingly.