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Chart of the Day: Building on Strength?

Housing starts bounced back nicely in March.

So either the homebuilders are remarkably stupid or their local boots on the ground see the seasonal market strength we’ve been reporting for several months (“Whew! Seasonal uptick in housing prices” from February 4 and “Is Spring Springing?” from March 4).

Single-unit housing starts ('000s, left axis) vs. Altos 20-city composite since March 2010

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