US housing market shows signs of life

The bounceback comes as mortgage rates have declined by more than one percentage point in eight weeks, the biggest drop over a comparable period since 2009. — Bloomberg

WASHINGTON: Even before the Federal Reserve (Fed) has begun cutting interest rates, the mere anticipation of such moves is already thawing the US housing market.

A series of reports this week showed activity coming back to life: Housing starts surged to a six-month high, sales of previously owned homes picked up from a 13-year low and builder optimism was boosted by increased interest from prospective buyers.