"First-time Homebuyers Face Challenges as US Housing Starts Plummet"

National Association of Home Builders (NAHB) CEO Jim Tobin discusses the disappointing housing start data, noting the expected "bumpy" year for real estate and the disproportionate impact of high capital costs on the multi-family segment. Tobin highlights the challenges faced by first-time buyers due to high shelter inflation and uncertainty around potential interest rate cuts by the Federal Reserve. He emphasizes the need for more supply to address the housing market's current limitations and expresses optimism for the future despite persistent labor shortages and the potential role of AI in improving productivity in the building sector.