The housing start number was a bit puzzling at first glance: why would builders increase inventory at a time when foreclosures (cheap alternative) are sky-rocketing? I took a look at the raw data and it seems that there is usually an uptick in starts from January to February. The below graph contains the unadjusted, monthly data. Notice that there are only two occurrences where starts drop between those 2 months. It is also shocking to see the drop in actual monthly starts.
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