Housing starts fell dropped a lot further than forecasted, declining to a seasonally adjusted annual rate of 1,060,000 in October, the largest monthly decline since February. And according to a chief economist, housing demand is only expected to decrease in the future.
“Not only do owners of formerly distressed homes have damaged credit for an extended time, but to purchase again, mortgages must now be obtained amidst an abundance of new, more stringent credit restrictions,” said Piegza.
Jobless claims plummeted by 19,000 filings to 284,000 for the week ended July 19, the lowest level for initial claims since Feb. 18, 2006. But it's what is hidden behind the numbers that is important to note.
Mark your calendar. First quarter earnings season is just days away with Wells Fargo and JPMorgan Chase leading the way. And while there was a lot of optimism, early indicators don’t show much support for it.
Several reports were released Tuesday that implied continued success for home prices in the U.S. — a sure sign that the housing market is back on its feet. The Federal Housing Administration home price index and the Standard & Poor’s/Case-Shiller HPI, both came out with relatively positive data.
HUD’s objectives are sometimes distributed by factors ranging from politics, socio-economic disparities and even natural disasters. When American homeowners fall victim to any of these elements, HUD is not only there to offer a helping hand, but often serves as the tool that leads to recovery.