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After two months of disappointing, declining housing starts and permits - understandable with mortgage rates around 7 percent - the May data was a shocker, according to Tyler Durden of ZeroHedge.
As we close out 2022, we’re ending a year that has seen some of the highest housing prices on record. And, while the market has hit new highs, it’s likely that these will be surmounted as rates are expected to continue to rise moving into 2023.
This week’s economic releases will reveal whether growth accelerated in the second quarter after a sluggish start to the year. A busy week also features a Federal Reserve meeting that’s not expected to include an interest rate hike and the latest reports on home sales and business investment.