U.S housing market shows strength before coronavirus outbreak

, likely reflecting the impact of unseasonably mild weather. While building permits tumbled 5.5% to a rate of 1.464 million units in February, that followed a sharp acceleration in January to their highest level since March 2007.

U.S. stocks were trading lower as growing signs of coronavirus damage to corporate America overshadowed a burst of optimism about sweeping official moves to protect the economy. The dollar rose against a basket of currencies. U.S. Treasury prices rose.A separate report on Wednesday from the Mortgage Bankers Association showed mortgage applications tumbled 8.4% last week from a week earlier as financial market conditions tightened, lifting mortgage rates back to their mid-February level.

Single-family home building, which accounts for the largest share of the housing market, increased 6.7% to a rate of 1.072 million units in February, the highest level since June 2007. Single-family housing starts increased in the Northeast, Midwest and the populous South, but fell in the West.

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Coronavirus uncertainty casts a pall on the March housing marketCOVID-19 fears have sellers, buyers and developers questioning their strategies Well duh! The housing bubble is so far out of control anyway, it actually needs a correction. Those who've overstretched are going to be hit bad, but hey maybe my children will actually be able to afford to buy something in the next couple of years. What bubble? Interest rates are going to be below 1%.
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