The U.S. economy is now in the sixth year of a bad housing market slump, inflation is rising and the resale home market in Canada is softening. Reed Construction Data Canada chief economist Alex Carrick analyzes the latest figures from the U.S. Census Bureau and Department of Housing and Urban Development, the S&P Case Shiller Index and the Canadian Real Estate Association.
The U.S. economy is now in the sixth year of a bad housing market slump. The Census Bureau and Department of Housing and Urban Development released figures showing housing starts, seasonally adjusted, fell in April to 523,000 units.
The lowest number in the past three years was 478,000 units in April, 2009. Meanwhile, inflation in April, 2011 was 3.2 per cent, and the price of gasoline, as tracked by the S&P Case Shiller Index, has risen 33.1 per cent year-over-year.
For more analysis of the latest U.S. housing and consumer price index figures, in the context of Canadian Real Estate Association statistics, please see Partly caused by inflation, U.S. home starts stumbled in April by Reed Construction Data Canada chief economist Alex Carrick.
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