According to the most recent Census data, housing starts for both single and multifamily homes slowed down between April and May. But, as Metrostudy's Chief Economist Brad Hunter points out, that number is still 9.4 percent up over what in May of last year.

Upon closer examination, some of the markets Metrostudy watches, like regions in the coastal Sun Belt, are doing fairly well. Hunter explains it's the slower areas, like Arizona and Nevada, that drag down overall growth.

"To steal a title from Douglas Adams," he writes, "Don’t Panic."