![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSVPbho52Th7CaUYCF5kZv0XyP1o7hTuPDE9zyi2bCNkCXwcd4e0K2IYKhcS-4mNWNMdrGSEkG3KrQLznmy4qsbWktxG4ncPwn7Qlp4dWe2Ly-R8q4yOpzXvJhqw8xsq_g6n5m/s400/bubbleconst.jpg)
Single family housing permits, the most leading of indicators, declined 0.5% from February to 595K single family units (SAAR), but increased 27.7% above the level seen in March 2012 but still remained an astonishing 66.91% below the peak in September 2005.
Single family housing starts declined 4.8% from February to 619K units (SAAR), but rose 28.7% above the level seen in March 2012 but still remained 66.04% below the peak set in early 2006.