April's New Residential Construction report showed a 13.4% decrease in privately-owned single-family housing starts, to an annual rate of 1,087,000 units.

Bill Banfield, Rocket Mortgage Executive Vice President of Capital Markets, offers the following insight on the report:

'No matter the construction number, demand is outpacing supply and it will take years to catch up. Consumers have significantly shifted their list of requirements to include larger houses, more yard space and even having dedicated home offices. That transition means new homes are essential in helping today's market.'

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