A day after homeBUILDER sentiment finally cracked (though still dramatically more 'confident' than homeBUYERS)...

Source: Bloomberg

...and mortgage rates are rebounding higher, Housing Starts and Building Permits expectations were mixed ahead of this morning's print.

The actual data was indeed mixed but both were disappointly below expectations as Starts rebounded just 1.6% MoM (below the +4.0% exp) from the 10.1% MoM collapse last month (small revision higher) while Permits (more forward looking) plunged 4.7% MoM (vs -1.2% MoM)...