Housing starts are flat, Where's the Recovery?

[David Krulac]

February, 2015 housing starts are down 17% from January to 593,000 units annualized, which is essentially the same as February, 2014 which had 589,000 housing starts annualized.

Unadjusted non-annual starts:

February 2015 = 40,700

February 2014 = 40,600

February 2009 = 25,000

February 2005 = 124,000

February 2000 = 88,000

The current level of housing starts is at 1980 levels, and about 50% of the starts from 1980 to 2006.

The housing starts are 1/3 of the totals in 2005, ten years later, Where's the recovery?