Tuesday's Business Wire offered further verification that the real estate market is on the road back, however bumpy a path that may be. Oh and it of course included all the usual bumbling and rambling of Tea Party (the rowdy Republicans) Congressional members outside the White House. Hey good news though, all this accusatory language going back and forth is a sure sign of a pending deal on the debt ceiling, as the politicians from all sides of the unsound table seek to earn credit for the eventual deal.
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Housing Starts More real estate data reached the wire Tuesday. The Housing Starts tally was reported for June. Starts measure the beginning of construction, and this month’s report showed they increased 14.6% over May, to an annual pace of 629K. Starts also grew impressively 16.7% over June of 2010. Year-to-year comparisons have been hard to beat until now, and so the case for second half housing growth is reinforced.
Housing Permits authorized for construction in June grew 2.5% over May, to an annual pace of 624K. Permits were also up against the prior year rate of 585K. This is good news for housing stocks, and the SPDR S&P Homebuilders (NYSEArca: XHB) was up 2.7% as a result.
Weekly Same-Store Sales This week’s same-store sales data covered the week ending July 16. The period saw same-store sales gain 0.4% against the immediately preceding period. On a year-to-year basis, sales rose 4.5%, slower than the prior week’s 5.5% comparison; Redbook had yearly sales up 3.8% for the same period.
Gold Gold was down today, but only after surmounting $1600 over the weekend. Gold for August delivery fell $19 an ounce to about $1583 at the COMEX division of the New York Mercantile Exchange. It seems today’s ground gain toward an agreement on the debt ceiling has gold correcting already.
Oil Near contract WTI Crude Oil was priced at $97.71 in midday trading Tuesday, up about 1.9%, apparently on expectations of dollar weakness. Oil is priced in dollars and so as the dollar weakens the price rises.
DC Doings The House of Representatives voted and passed legislation Republicans affectionately call “Cut, Cap and Balance.” It stands for the cutting of spending, the capping of U.S. government debt and the amending of the Constitution to require the federal government to balance its budget the way the states do. The GOP-led extreme measures will not likely get through the Senate, but if it does, the President has already promised to veto it.
Kansas City Fed President Thomas Hoenig addressed a group in Kansas City as he discussed monetary policy and agriculture.
Corporate Wire News Corp. (NYSE: NWS, Nasdaq: NWSA) execs testified testily before the U.K. Parliament with regard to their subsidiary’s alleged phone hacking. Rupert Murdoch called it the “most humbling day of his life.”
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