Housing Starts in April rose by 2% to a 1.4M unit annualized pace, but March’s figures were revised lower by 2%. Factoring in the revisions, Starts are still lower than the originally reported figure last month. Starts are down 22% from last year. Single-family starts, which are most important, rose 1.6% last month at a 846k unit pace…but again, March was revised lower by 2% and the today’s figure is lower than the originally reported number for last month. SF Starts are still down 28% year over year, which means that new supply will remain very tight. Housing Permits, which is the future supply, were down 1.5% last month at a 1.416M unit annualized pace and are down 21% from last year. Single family were up 3.1% last month, but are still down 21% year over year. Completions fell by over 10% last month and single family were down 6.5%. Bottom line, we are undersupplied and there is not much help on the way, as it doesn’t make sense for builders to construct with the high costs due to the Fed hiking rates so aggressively.