Housing Starts Turned Negative in Third-Quarter 2016, Quarter-to-Quarter and
Year-to-Year, Amidst Collapsing Multiple-Unit Activity

Both Starts and Permits Held in Smoothed, Non-Recovering, Low-Level Stagnation,
Still Shy of Respective Pre-Recession Highs by 54% and 46%

Recent Headline Monthly Economic Reporting Has Pressured
Third-Quarter GDP Growth Expectations to the Downside