Asia Bizz: Housing Sector Starts To Gain Momentum, But At Very Slower Pace Than Expected
The housing sector in the US has started to gain momentum finally, but sadly at a slower pace predicted in the month of July. The whole blame goes to the weak economic recovery statues of the US and the wobbling financial market.
The housing stats were predicted by the US to 8.7% but in the month of July it rose by only 1.7%. Housing permits for future homes dropped by 3.1% to a 565000 units in the month of July, the lowest drop since the year 2009. Economists state that the low rise in the housing sector will pose some relief to the scare of deflation, but then US has strong market that is already stooping very low.
Reuters reports that experts state that a slow growth isÂ favorableÂ but as every week passes by, it makes them doubt about the economic factor. Â The US index had gained some points last week but still the Euro had edge over the Dollar in the market.