
When will the US go bankrupt? Will it start the market crash unseen before? We have plenty to share with you, so let’s get started.
In April, the construction of new houses went down by 3.7%, but this is not so crucial, as the home starts hit the 11-year maximum just a month earlier, and market experts expected some digression.
The annual rate of construction of new homes inched down to 1.29 million units the previous month from an updated 1.34 million units in March that appeared to be the strongest indicator since mid-2007.
Market experts had expected that they’d amount to about 1.31 million units
Permits for construction slumped by 1.8% to 1.35 million per annum, as the report informed on Wednesday.
Most of the dive in housing construction took place in a volatile multi-unit category, including villas, townhouses, apartment buildings and so on.
The laying of new houses for one family hasn’t changed a lot. These homes make up the bulk of the market for new homes in America.
The laying of new homes has dived in all regions except the South, where approximately half of all new homes are built every year.
A broader picture demonstrates that the housing market has been soaring for years because of low interest rates as well as a better job market in two decades, although soaring mortgage rates might cause compression.
For example, the cost of a mortgage loan hit a seven-year maximum and this affected the recent dive in the number of applications for mortgages.
As a matter of fact, prices are still low by historical standards, and a surging economy means that there are still many buyers on the market, and their main problem is the lack of supply. The construction of new housing has tacked on by almost 11% versus a year earlier, but it’s still not enough to back demand.
When will the US go bankrupt? Will it start the market crash unseen before? We have plenty to share with you, so let’s get started.
The US Consumer sentiment will shake the market today. We are back with more news for you to enjoy!
Today, the US Inflation release at 15:30 GMT+3 will determine the further destiny of the major pairs and gold. The event is highly impactful, as the Federal Reserve will make decisions regarding further rate hikes based on it. Also, we brought you some news about XAUUSD and GBPUSD. Stay tuned!
Saudi Arabia agreed to cut oil production. What will happen with the oil price now?
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
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