July's massive rebounds in both housing market measures may just have been the peak in the 'v'-shaped pent-up supply as Housing Starts plunged 5.1% MoM (-0.6% MoM exp) and Building Permits dropped 0.9% MoM (versus +2.0% MoM exp).

Additionally, the data for July was revised notably lower...

While single-family home starts rose, the rental units crashed in August...

4.1% jump in single family units from 981K to 1021M

25.4% drop in multi-family units from 503K to 375K

Similar pattern played out in Permits with rental units crashing...

6.0% jump in single-family units to 1.036MM, highest since 2007

-17.4% drop in multi-family (rental) units to 381K