" Now here is a fascinating case and point. Single family starts have collapsed. This is true. Since the peak, they have been trending lower and lower. The U.S. Treasury and Federal Reserve even with virtually interest free money cannot stimulate demand in an overbuilt market. Single family starts are down 8.7 year over year. But multifamily starts? Try a stunning 67.4 percent. Many of these projects are financed with commercial loans and you can see that the demand is virtually gone. This is one of those unintended consequences that Wall Street and the government fail to notice."

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