The good: U.S. housing starts were up 5.1 percent month-over-month, and multifamily permits have spiked by 63 percent. The bad: Amid other problems in Europe, Germany and France are at now at odds.

The stutter-step U.S, economic recovery seems to hold more for the commercial sector than for signle-family homes, even though new numbers from the U.S. Department of Commerce were good in that sector last month.

The longer-term trend in housing isn’t a recovery of the single-family market, but the boom in multifamily construction. In the 12 months ending Oct. 31, apartment permits spiked about 63 percent. Permits for single-family homes were up 6.6 percent.

The European trouble isn't specific to real estate or construction. It's general confusion and worry, and that can affect everyone.

The European Central Bank and the European Union’s real boss, Germany, have so far declined to convert the institution into one that functions like a national central bank and is a lender of last resort along the lines of the Federal Reserve or the Bank of England.