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US:New home sales fall dramatically in July
7月份美國新房成交量大幅下降
US fixed mortgage rates have jumped to the highest level in the past two years this week, causing the falling of new home sales. It has added uncertainties about when the US Federal Reserve will scale back its monetary stimulus.
All that Fed taper talk is finally hitting home.
New home sales- which reflect contracts signed after rates spiked- down dramatically in July.
Recent data had shown the housing recovery humming along but the consequences of those higher rates are starting to show.
For example- even though final sale prices on houses are still rising- there are signs home sellers are nervous.
Kolko says Trulia’s data shows consumers are nervous about mortgage rates.
And the reality is they are spending less- retailers’ earnings have been dismal-and consumer confidence is down.
And consumers that can’t buy- or sell houses- are less able to move- for example- to take a new job.
All reasons a hobbled home market is very scary.
And at the Jackson Hole conference in Wyoming, Fed officials have been warned about the consequences of tightening too soon.
The opening paper says that the Fed must maintain an ultra-easy policy to keep the recovery on track.
