After last month's surprisingly large declines, Housing Starts and Building Permits were expected to rebound modestly in July data released today (still losing altitude from May's major surge). However, the picture was more mixed with starts rising 3.9% MoM (vs +1.1% exp), but that was impacted by a notable downward revision in June (from -8.0% to -11.7%). Building Permits rose just 0.1% MoM (well below the 1.5% MoM expected).