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Housing Starts for July came in underperforming analysts’ estimates this morning, to 1.534 million seasonally adjusted, annualized units, down from the 1.59 million expected and the weakest monthly print since April (in March, we saw 1.725 million units, which was the highest since 2006). This amounts to a -7% drop in starts, more than double the expected -3.2%, from the upwardly revised June final read of 1.650 million.
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