A report on Friday showed U.S. homebuilding fell for a third straight month in July amid a steep decline in the construction of multifamily housing units, even as the data provided a positive sign for housing: a jump in permits to a seven-month high. Next week, the U.S. Commerce Department will release data on July new home sales.
NEW YORK: Lower U.S. interest rates could help support outperforming U.S. homebuilder stocks, even as they raise worries about the economy, while a bonanza of industry data and Federal Reserve speakers next week are likely to help shape the outlook.
After underperforming in 2018, the PHLX Housing Index <.HGX> is up about 30% for the year so far, roughly double the year-to-date gain of the benchmark S&P 500 index <.SPX>.
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