U.S. homebuilding fell more than expected in February as construction of single-...
WASHINGTON - U.S. homebuilding fell more than expected in February as construction of single-family homes dropped to more than a 1-1/2-year low, but the outlook for the housing market is improving amid declining mortgage rates.
Housing starts data for January and December were revised higher. Building permits fell 1.6 percent to a rate of 1.296 million units in February. While that was the second straight monthly drop in permits, they are now outpacing starts, which suggests a pickup in homebuilding in the months ahead. The 30-year fixed mortgage rate dropped to an average of 4.28 percent last week, the lowest in more than a year, from 4.31 in the prior week, according to data from mortgage finance agency Freddie Mac. House price inflation is also slowing.Still, homebuilders remain constrained in their ability to construct more homes for the lower end of the market.
Single-family homebuilding fell in all four regions last month. Permits to build single-family homes were unchanged in February at a pace of 821,000. These permits are now leading housing starts, suggesting a rebound in single-family construction in the coming months.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US housing starts fall in February on weak single-family homebuildingU.S. homebuilding fell more than expected in February as construction of single-family homes dropped to more than a 1-1/2-year low.
Read more »
Wall Street stumbles as investors spooked by signs of economic slowdownWall Street stocks sold off sharply on Friday, with all three major U.S. stock i...
Read more »
Weak factories dent hopes for global economic recoveryManufacturers in Europe, Japan and the United States suffered in March as survey...
Read more »
Tiffany holiday-quarter sales miss expectations on weak tourist spendingTiffany & Co narrowly missed Wall Street estimates for quarterly sales on Friday...
Read more »
Fed's Rosengren says weak foreign bond yields are hurting US long-term yieldsBoston Federal Reserve President Eric Rosengren says weak bond yields in other countries are hurting U.S. long-term bond yields.
Read more »
Fed rate cut seen nearer as yield curves invertThe Federal Reserve’s stunning about-face on rate increases along with weak econ...
Read more »
Samsung warns first-quarter earnings will fall short of expectationsSamsung, the world's largest smartphone maker, says it is due to weak memory and display business.
Read more »
The government set a record with a $234 billion deficit in FebruaryThe government ran a $544 billion deficit over the first 5 months of the fiscal year
Read more »
Stock-market analyst who called 2018 rout says if earnings are weak, ‘I don’t think stocks are going to look through it’Morgan Stanley’s chief equity strategist Michael Wilson says after the Federal Reserve’s Wednesday decision underlined the central bank’s uber-dovish stance, corporate earnings are going to be paramount for stock-market investors.
Read more »
German 10-year bond yield turn negative for first time since 2016 amid fears of a recessionA string of weak data in recent months has fueled speculation that Germany could be heading for a recession.
Read more »