On the back of a small uptick in homebuilder confidence (though still languishing)...

...Building Permits jumped notably (+5.8% MoM vs +2.5% exp) in preliminary April data (while Housing Starts dipped 2.8% MoM, though less than the 5.2% MoM decline expected)...

The pace of starts and permits on a SAAR basis has remained flat for four years...