First American Chief Economist Mark Fleming was invited to share his perspective on housing starts, Millennial home buying and more on Bloomberg Markets this morning. Mark commented on the tipping point signaled in today’s housing start numbers.

“Since the end of the Great Recession, we’ve formed over 6 million rental households in response to Millennials coming of age and eventually moving in to the workforce. We’re now beginning to see that transition. Multi-family starts peaked last year at about 380,000 units and now we’re transitioning to the expectation that these Millennials will ultimately want to be owners of single-family properties.”

Watch the full clip on Bloomberg TV