Housing starts were higher by 0.9 percent in August in US, as per seasonally-adjusted data. The housing data was lower than expected by market experts as multi-family home starts were lower. The single-family housing market is still recovering, which is a good sign for economy.
The housing starts in August remained at 891,000 against analyst expectations of 917,000 houses. Multi-family house starts were lower by 11.1 percent to 263,000. Single family home starts were higher by 7 percent to 628,000 units.
Higher home mortgage rates have impacted the rise in housing activity. Real estate experts were having doubts over the recovery in housing market after the interest rates firmed up. New homebuilding permits were down by 3.8 percent to 918,000 during August. Every single-family home creates three jobs for a year.
All eyes are today on the announcements that Federal Reserve Chairman Ben Bernanke will make. Federal Reserve has to decide about Fed tapering, which will have a major impact on stock markets worldwide, especially on emerging markets.
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