But a resurgence in new coronavirus infections across the country eroded consumer sentiment in mid-July, other data showed on Friday, threatening the nascent housing and economic recovery. Some areas in virus hot spots in the populous South and West regions have either shut down businesses again or paused reopenings.“Home building is coming back at a steady, if unspectacular pace,” said Robert Frick, corporate economist at Navy Federal Credit Union in Vienna, Virginia.
A survey on Thursday showed confidence among single-family homebuilders vaulting in July to levels that prevailed before the coronavirus crisis upended the economy in March. In a separate report on Friday, the University of Michigan said its consumer sentiment index dropped to a reading of 73.2 in mid-July “due to the widespread resurgence of the coronavirus” from 78.1 in June. It warned further declines were likely in the months ahead.
Stocks on Wall Street fell as investors worried about the explosion in coronavirus cases. The dollar slipped against a basket of currencies while U.S. Treasury prices rose.Home building last month was boosted by a 17.2% jump in the construction of singe-family housing units, which accounts for the largest share of the housing market, to a rate of 831,000 units. Groundbreaking activity increased in the Midwest, South and Northeast, but fell in the West.
We build homes in this country
Interesting finding. Rates low, but mills are operating at low capacity keeping lumbar $ at high level. Foreclosures will be higher next couple of months. More people seem to be buying existing homes than building new.
Total insanity-headed for another bust.
Nice