By TraderVox.com
Tradervox.com (Dublin) – The market is expecting a housing report to show later this week that housing starts and sales climbed last month. If this is confirmed, the housing sector will be seen as one of the bright spots in the US economy. Economists and analysts are expecting the report to show that the Housing Starts appreciated to 765,000 annualized rate from the 746,000 in July, making it the fastest pace since 2008. The sale of existing homes is expected to advance to a three-month high according to the report. However, manufacturing in the country is expected to shrink in September.
The Federal Reserve moved to increase the pace of economic growth last week, when it announced an open-ended purchases program of mortgage-backed bonds. In addition, the almost zero-rated interest rates and cheaper properties have increased the number of home sales, which is boosting the industry. According to Mark Vitner, an Economist at Wells Fargo Securities LLC in North Carolina, the housing sector might contribute significantly to economic growth. He indicated that there is “a lot of headwinds” set up, adding that prospects are lacking equity to trade.
A report by Commerce Department on housing starts will be released on September 19 and the existing Home Sales report will be released the same day by the National Association of Realtors. The existing home sales report is expected to show an advance to 4.56 million from 4.47 million. In another report to be released by the National Association of Home Builders and Wells Fargo is predicted to show an increased builder confidence, which is expected to the highest since 2007. The report will be released on September 18. There are positive reports coming from housing industry players according to Patricia Badient. In a September 12 conference, she indicated that real estate developer company Weyerhaeuser Co. has seen improvements in the house market while the Federal Way company has register rise of about 40 percent in home sales since last year.
Disclaimer
Tradervox.com is not giving advice nor is qualified or licensed to provide financial advice. You must seek guidance from your personal advisors before acting on this information. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. Opinions expressed at Tradervox.com are those of the individual authors and do not necessarily represent the opinion of Tradervox.com or its management.
Article provided by TraderVox.com
Tradervox.com is a Forex News Portal that provides real-time news and analysis relating to the Currency Markets.
News and analysis are produced throughout the day by our in-house staff.
Follow us on twitter: www.twitter.com/tradervox
