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U.S. home building declined in May, an apparent signal that the housing market is still tepid.
According to the Commerce Department, housing starts fell 0.9% in May from the prior month to a seasonally adjusted annual rate of 1.269 million
To make matters a bit worse, a June report from the National Association of Home Builders reports a drop in U.S. home builder confidence, much of it driven by rising costs and trade matters.
The new Commerce report, “along with a constellation of other economic factors, could weigh on the Federal Reserve’s scales regarding whether or not they will cut rates,” said John Pataky, executive vice president at TIAA Bank.
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Consider investing in a professionally managed portfolio of single-family homes? Please contact Harold Willig at harold.willig@springviewinvestments.com or 917-209-4452.
Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience.