CoreLogic's Sam Khater looks at the latest data on starts and completions which show that while housing starts rose in September, completions--especially on the lower end of the market--aren't exactly jiving with that torrid pace.

In September, starts rose 6.5% month-over-month, though multifamily was the driver, jumping up 17%, while single-family only rose 30 basis points. Still, the absolute number represents the healthiest readings since October 2007, and on a year-over-year basis, starts are up 18%.

But then there's the other side of that equation:

Completions, though, the number of units actually delivered, rose by only 8 percent year over year, or less than half the jump in starts. Multifamily is the driver here as well, up 20 percent from September of last year.

The number that should give the market pause, though, is the completions on one-unit structures, both attached and detached. They are up only three percent, and they are the most important segment to look at. They lag the one-unit structure starts number (up 12 percent year over year) significantly.
Read more >