Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Housing Starts Rise 5.9%--Less Than Expected
WASHINGTON (8/19/13)--Construction of new U.S. homes increased in July--buoyed by a rebound in multifamily (apartment) projects that trumped a slowdown in single-family properties. However, the increase was still less than expected (The New York Times, Bloomberg.com and The Wall Street Journal Aug. 16).

Housing starts rose 5.9% last month to a seasonally adjusted rate of 896,000 units, following an 846,000-unit pace in June, the Commerce Department said Friday. Economists had predicted a 900,000 pace for July, according to a Reuters poll.

Also, permits for future home construction climbed 2.7% to a 943,000-unit pace, the department added. Economists had forecast a 945,000 unit pace, the Reuters poll indicated.

Although there still is a high level of housing affordability and it has not changed significantly historically, fundamentals are not as promising to new buyers as they were in the past few months, Michael Hanson, senior economist with Bank of America Merrill Lynch in New York, told the Times.

A recent increase in mortgage rates has thwarted some of the momentum in the housing recovery--and that was not unexpected, Hanson added.
RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
1 Day ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
1 Day ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
1 Day ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
1 Day ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
1 Day ago