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The press was flush with reporting last week about strong housing data. It was one of just a few bright spots in the macro news. Elsewhere, subpar earnings announcements and a weak first quarter growth estimate from China pushed the S&P 500 to its largest drop since November.

The darling of commercial real estate, the multifamily sector dominated the housing starts data. From February to March, single-family starts declined 4.8 percent. But for properties with five or more units, starts jumped 26.9 percent and are 82.3 percent higher than a year earlier. For better and for worse, the rental market is still on fire. 

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