Housing Starts Jump 6.9% To 760,000 Units In June

U.S. housing starts jumped by 6.9% to 760,000 units in June, with upward revisions to May and April adding another 6,000 units started.  The June figure was much stronger than the 735,000 expected by markets and our 740,000 forecast.  Single-family starts rose by 4.7%, while multi-family starts were up an even stronger 12.8%.  The better than expected report will likely give markets some comfort that the housing sector recovery is still in place, though testimony from Fed Chairman Bernanke may trump the news.

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