Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
Registration now open for @CUNA @WOCCU summer conference in Denver July 12-15 http://t.co/opq1jypsXL #ACUC #CUinDenver2015
14 hours ago
Emergency loans post- #Blizzard2015 offered by @ScientFCU in Conn. http://t.co/U9tIBzPOZV
15 hours ago
Did you get your spot in the @CUCB #CherryBlossom 10 Mile Run? Check lottery results here http://t.co/6rxT0osyWJ @CU4Kids @CMNHospitals
15 hours ago
@FamilyFirstFCU has implemented a grant program through the FHLB of NY to help first-time home buyers.
16 hours ago
#BREAKING: @federalreserve offers few new hints on rate-hike timing in policy statement http://t.co/lgZ6zZ1Vrr
17 hours ago