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US May housing starts 1.256m vs 1.357m expected
USD
- This is the lowest reading since 2020 and a 9.8% m/m decline
- Prior month 1.361m
- Building permits 1.393M vs 1.428M expected
- Prior permits 1.412M
US mortgage rates are at the lowest since April but the latest weekly mortgage demand numbers aren't showing any pickup. For all the excitement in the stock market, it's a brutal time in the housing market. Shares of Lennar have almost been cut in half since July, when they rallied on hopes for Fed rate cuts.
This week's NAHB home builder sentiment number was the third-worst since the financial crisis as well so this isn't about to improve.
Source: Forex Live
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