Excerpt of “Steady US Housing Recovery Is Boosting Economy”
WASHINGTON (AP) From purchases and prices to builder sentiment
and construction, the U.S. housing market is making consistent
The latest evidence came in reports Monday that sales of previously
occupied homes rose solidly in October and that builders are more
confident than at any other time in 6 years.
New-home sales and home-price indexes have reached multi-year
highs. And Lowes Cos. on Monday reported a surge in net income, a
sign that home-improvement retailers are benefiting.
The housing markets recovery still has a long way to go. But for
now, its helping prop up an economy thats being squeezed by a
global slowdown and looming spending cuts and tax increases.
Joseph LaVorgna, an economist at Deutsche Bank, estimates that the
housing recovery could boost U.S. economic growth by a full
percentage point next year. Thats because a stronger housing
market would mean more jobs, especially in industries like
construction, and more consumer spending.
Housing could provide a meaningful and critical lift to
overall economic activity when other growth drivers, like exports,
are slowing, LaVorgna said.
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