You could call it the “V” that keeps on vanishing and be done with it. Single family starts of 675,000 reported for May this AM where up from, well, 674,000 units in April.
More importantly, they were still down by 36% from the 1,047,000 units reported at the cyclical peak in December 2019. In that context, the idea of a “V” involves a rapid retracement of the preceding plunge, but, alas, the May retracement amounted to just 0.3% of the Lockdown Nation bust.
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