The architectural billings index came out today and while backing off the previous record number, the index is solidly in the “growth” mode meaning increased construction in the coming months.

The housing recovery has been hampered by stifled bank lending due to a combination of tighter regulation and low credit spreads.

Housing starts are expected to increase to an annual pace of 1.022 million in tomorrow’s update for October, according to the Capital Spectator’s median point forecast for several econometric estimates. The projection represents a modest increase over September’s 1.017 million.

The trend is trying to turn in the favor of homebuilders.

Despite early intraday record highs in Dow and S&P futures, they ended practically unchanged as VIX was notably divergent.

Bank-funded jumbo or nonconforming loans do not have any substitute readily available elsewhere in the mortgage market.