June housing starts -12.3% to 1.173m SAAR,..>

US DATA: June housing starts -12.3% to 1.173m SAAR, well below the 1.320m 

rate expected, the lowest since September. The May pace was rev down to 

1.337m from the originally reported 1.350m pace, while April was rev 

down to 1.276m from the previous 1.286m. 

- Starts were lower in all regions, but posted a -35.8% decline in 

the Midwest region. 1-family starts -9.1%, but multi-family starts 

-19.8%. 

- Building permits -2.2% to 1.273m SAAR vs 1.335m expected, with 

1-family permits +0.8% and multi-family -7.6%. Homes permitted but not 

started +1.3%, suggesting starts could rise next month.

- June starts and permits were below their 1Q averages.

- Homes under construction -0.5%, while completions unch, a negative 

sign for new home supply.