US housing starts hit 1-year low
Homebuilding and sales are well below their peaks before the housing bubble burst in 2006, raising concerns that the property market recovery is stalling
Washington
US homebuilding fell to a one-year low in September as Hurricanes Harvey and Irma disrupted the construction of single-family homes in the south, suggesting housing probably remained a drag on economic growth in the third quarter.
The report on Wednesday from the Commerce Department also showed a decline in building permits, raising concerns that the housing market recovery is stalling. Homebuilding and sales are well below their peaks before the housing bubble burst in 2006.
"Residential construction should be a hefty drag on third-quarter GDP growth," said Michael Gregory, deputy chief economist at BMO Capital Markets in Toronto. "Housing activity has shifted from leading the economic expansion to now just following it, at best." Housing starts decrease…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale
Country Garden extends bonds to avoid first local default
Daughter of Chinese steel-and-nickel tycoon picks up S$84 million Bin Tong Park bungalow