Building Permits Rebound In August As 'Rental Nation' Demand Returns

Following July's collapse in housing data (from permits to sales), August data for Housing Starts were supposed to bounce back but didn't (falling 0.8% MoM vs +1.7% exp) and Permits were expected to fall 0.8% but spiked 5.7% MoM (thanks to a big jump in multi-family units).

So it appears last month's ugly Housing Starts data was revised sharply higher on the back of a jump in multi-family units...

 

And Multi-family Permits jumped notably...

 

Finally for those who need simplicity - here is the performance of US Homebuilder stocks relative to the performance of US housing market data...

So, why bother looking at the housing data at all?