WASHINGTON - U.S. homebuilding fell less than expected in February as a plunge in the construction of multi-family housing units was blunted by a surge in single-family projects, suggesting some strength in the housing sector before the coronavirus pandemic severely disrupted economic activity.
But that is all in the rear view mirror as the coronavirus upends life for Americans, leaving economists anticipating widespread job losses as well as a recession by the second quarter. The housing market has regained its footing as mortgage rates have declined after hitting a soft patch beginning the first quarter of 2018 through the second quarter of 2019.
Economists polled by Reuters had forecast housing starts falling to a pace of 1.500 million units in February. 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 homebuilding, 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.
No it doesnt. Negative/super low interest rates always boost housing. Those rates are super low because the economy was in SHITTY shape. Nice try to spin that though.
Thanks Reuters, I wasn't concerned about that before you mentioned it, now I am. I know you're a news organization but maybe take the whole, 'sometimes no news is good news' to heart.
for how long? Why should I risk exposure to go house shopping? And with the market crashing many people will lose their home.
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