Big drop in June housing starts

According to the Commerce Department, housing starts dropped 9.3% last month.  This is the biggest miss since 2007 and the second straight monthly decline.  The main reason for the massive decline was due to the southern region of the United States which had a 30% decline.  It will be interesting to see how the next few months go and if this is the start of a significant decline in housing starts which was a bright spot for the economy over the last 12 months.