"An upbeat housing report was in focus Tuesday. The Commerce Department said housing starts rebounded 5% to 1.96 million units in May after an upwardly revised 1.86 million in April. That's slightly stronger than expected, says Action Economics, but any market impact may be offset by a 2.1% decline in building permits."
"The report suggests the housing market is slowing, but not crashing, analysts say. 'We view this morning's data as further evidence the housing market is in a downturn, but that it is not headed for collapse,' explains Carl Riccadonna, an economist at Deutsche Bank Securities. 'Nonetheless, the housing market is an important leading indicator of the overall economy, and the fact that it is slowing tells us that both consumption and overall growth are also likely decelerating.'"
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