Is 2 Million Housing Starts 2 Many?

Peter Coy

The optimistic take on this week's housing starts number is that the market remains strong in spite of rising interest rates. The pessimistic take is that the homebuilding market is too strong--that there's an emerging oversupply of housing that will eventually push prices down. Merrill Lynch's David Rosenberg, returning to a favorite theme, wrote today that "starts are still running well above what is warranted by net household formation."

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