Single-family housing starts fell 3.4% in May, but the downturn in new construction appears to be leveling off."We are basically at the bottom," said Michael Swanson, senior economist at Wells Fargo Bank, Minneapolis. The U.S. Census Bureau reported that single-family starts fell from a seasonally adjusted annual rate of 1.21 million in April to 1.17 million in May. April starts were revised downward by 14,000 units. Compared with those of May 2006, single-family starts are down 26%. "When you look at the number of homes that we are starting [per capita], it is extremely low," Mr. Swanson said. "You cannot stay this low for very long." The Wells Fargo economist said it could be another couple of quarters before single-family starts "perk back up." And he said he expects builders to shift from high-end homes to simpler homes because financing costs have risen.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
8h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
11h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11