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We haven't seen the overbuilding trends that accompanied the previous housing <br />market cycles. Household formation should support demand for homes over the <br />next few years. <br />This cycle has not yet seen over -building in the housing market <br />Residential construction starts, t Immo <br />0.501 <br />1985 1990 1995 2.000 2005 2010 2015 2020 2025 2030 2035 2040 <br />Gavekal DataiMacrobond <br />71 <br />