CoreLogic's Sam Khater looks at the latest data on starts and completions which show that while housing starts rose in September, completions--especially on the lower end of the market--aren't exactly jiving with that torrid pace.
In September, starts rose 6.5% month-over-month, though multifamily was the driver, jumping up 17%, while single-family only rose 30 basis points. Still, the absolute number represents the healthiest readings since October 2007, and on a year-over-year basis, starts are up 18%.
But then there's the other side of that equation:
The number that should give the market pause, though, is the completions on one-unit structures, both attached and detached. They are up only three percent, and they are the most important segment to look at. They lag the one-unit structure starts number (up 12 percent year over year) significantly.