Housing Recovery Still Intact

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 |  Includes: XHB
by: Calafia Beach Pundit

February housing starts declined a bit, but the larger picture is that the housing recovery remains very much intact. Starts are up 35% over the past 12 months, and up 46% from their recession low. Starts of course still very low from an historical perspective, but they are improving and that is a very good sign that the residential real estate market has hit bottom, thanks to the combination of market-clearing low prices and low interest rates.