We're getting a mixed bag of news. The Bank of Canada is now unlikely to hike rates Sept 5, as it continues to watch the spillover effects from south of the border.
The U.S. Commerce Dept. (through the U.S. Census Bureau) reports home starts and building permits were down. Then NAR said existing home sales were relatively stable for July (a 0.2% decline after seasonal adjustment). And today, Standard & Poor's is reporting a 3.2% drop in home prices for the second quarter, with no end in sight for the decline on their nationwide housing index.
Sources:
- U.S. home starts, building permits fall to 10 year low (US Commerce Dept)
- Existing-homes Sales Stable In July (NAR)
- U.S. home prices fall 3.2% (Toronto Star)
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