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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
US housing starts plunged 15.4% in May to 1.177 million units, marking the lowest level since the pandemic and significantly missing economist expectations. The decline was primarily driven by a collapse in multi-family rental starts, while building permits saw a minor 0.7% dip in line with market forecasts. Despite the weak housing data, US homebuilder stocks advanced following the passage of a congressional bill aimed at boosting affordable housing.