This morning a very strong US housing data report was released and consumer confidence got a much needed boost.
After two straight months of declines in the housing data report numbers the US housing starts went soaring up to 15.7 percent increase from the previous months. This far exceeded the expectations of what economists had previously estimated and this has helped resolve some of the worry many people were having regarding the housing market going flat.
Good News for the US Economy
There were growing concerns that the two straight months of declines were indicators that the rocky housing market was eluding to a downward trend for the whole economy. However, with todays reports and estimate-beating numbers, this is not looking like the case.
For the first time in the last three weeks, the stock markets began to recoup the losses felt from all the geopolitical conflict going on overseas. The US dollar hit a nine-month high against the Euro as well as several of the other major currencies. Alongside this great news, the CPI (Consumer Price Index) also nudged higher.
What Does This Mean for Home Buyers?
Well, one theory is that with the strong reports that came out today, the Fed will be more inclined to raise the interest rates sooner in the coming year. Make no mistake about it, the interest rates will rise, but economists and analysts have had conflicting opinions about when exactly to expect the hikes.
Economists are estimating that the growth of the economy will expedite the Feds progress towards raising interest rates sooner rather than later. However some Analysts say this just isn't so. Analyst contend that the Fed isn't even putting a lot of weight into this data specifically to sway their course for raising the interest rates. Analysts stated that “The Fed targets 2 percent inflation and it tracks an index that is running even lower than the CPI”(Reuters, 2014). They suggested that todays news will have little impact on the the Fed's decision.
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