On the back of a small uptick in homebuilder confidence (though still languishing)...
...Building Permits jumped notably (+5.8% MoM vs +2.5% exp) in preliminary April data (while Housing Starts dipped 2.8% MoM, though less than the 5.2% MoM decline expected)...
The pace of starts and permits on a SAAR basis has remained flat for four years...
Multi-family unit starts and permits soared in April...
As single-family home starts stagnate...
It appears builders believe that 'Renter Nation' is on its way back.
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