Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Housing Starts Drop 9.9% In June
WASHINGTON (7/18/13)--Housing starts and permits for future home construction in the U.S. unexpectedly dropped in June--with starts at their lowest level in 10 months, the Commerce Department said Wednesday. 
 
The decline indicated an unsettled housing market--with rising mortgage rates potentially dampening new activity--and a significant slowdown in second-quarter U.S economic activity (The New York Times, Bloomberg.com, The Wall Street Journal and Moody's Economy.com July 17).
 
Starts dropped 9.9% to a seasonally adjusted annual rate of 836,000 units--the lowest level since August 2012. Economists had forecast a gain up to a 959,000-unit rate last month, according to a Reuters poll.
 
Also, permits to build homes decreased 7.5% in June to a 911,000-unit pace. Economists had forecast a 1.1 million-unit pace, the Times said.
 
Last month's decline was spearheaded by a downward slide in multifamily construction projects--which sometimes are volatile, Bloomberg said.
 
There will be setbacks as construction gears up, but June's slump should not be of immediate concern because the housing market will drive economic growth, Guy Lebas, chief fixed-income strategist at Janney Montgomery Scott LLP in Philadelphia, told Bloomberg.
RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
23 hours 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