US DATA: Oct housing starts -0.3% to 628k (still and.

US DATA: Oct housing starts -0.3% to 628k (still above expectations) and
permits +10.9% to 653k, suggesting some optimism. Starts weakness was
centered in 5+ units at -13.3%. 1-fam starts were +3.9%, but gains were
in the S and NE. Starts are steady to up a little but still skating
around a weak level; YOY gain is +16.5%. Permits were +5.1% for singles
and +29.5% for 5+ units; only spots of weakness were in NE multis and
MW singles. Completions were -5.7% and units under construction +0.7%,
hardly robust. Overall the numbers show small improvement-Q1 avg starts
were 582k, Q2 at 572k, Q3 at 610k, and Oct is starting Q4 at 628k.