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Housing

Fed’s Bullard on the Wires

Says:

  • U.S. Economic data ‘better than expected’
  • Fed never takes anything ‘off the table’ on policy
  • The probability of a serious meltdown in Europe has weakened
  • The fed rate will rely strongly on economic performance
  • U.S. still faces risks from Europe crisis
  • $4 dollars for gasoline not slowing consumers down
  • $5 dollars for gasoline would change priority of many drivers
  • Progress shown in Europe on “fiscal pact”
  • U.S. could weather a recession in Europe
  • Does not want to ‘reinflate’ U.S. housing bubble

 

 

Canada Housing Starts Drop Below 200K

Canada Housing Starts:   Survey: 200.0K   Actual: 184.7K    Prior: 205.1K    Revised:  204.5K

Aug vs July 2011
Total: 184,700 vs 204,500
3-Mo. Average:  195,267 vs 198,400
Urban Areas: 165,800 vs 184,600
Single Family: 64,400 vs 64,600
Multi Family: 101,400 vs 120,000
Rural Areas: 18,900 vs 19,900

S&P Case-Shiller on the wires

Most economist saying US housing markets will avoid another major downturn, however they are predicting it will be another five years until US house prices revisit the 2006 peak.

Canada Housing Starts Worse Than Expected

Housing Starts:          Survey:  202.0K         Actual: 189.1K           Prior:  201.7K          

USD/CAD Trading slightly lower on the news.

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