Here Comes Housing Starts...

Economists polled by Bloomberg are looking for housing starts to fall 3.9% month-over-month to an annualized pace of 1.03 million units. This compares to a 13.2% rise to an annualized pace of 1.07 million units in April.

Meanwhile, building permits are expected to fall 0.9% MoM to an annualized pace of 1.05 million units. This compares with an 8% rise to 1.08 million units.

Ian Shepherdson at Pantheon Macroeconomics writes that this is a "correction after "starts overshot the pace implied by permits."

Homebuilder confidence, meanwhile, improved in June.