Added: 16 Apr 2013 at 4:55pm

For the first time in seven years housing starts have reached an annualized rate of one million units. We have been, on average, 400,000 under the necessary level to match population growth for most of this time... that's a lot of catching up to do. New home builders are reporting many of their customers have given up on buying an existing home based on the recent low inventory. This divergence will take a few years to re-balance...