Housing Expected to Improve Regardless of Fed

Fresh home sales and housing starts data Wednesday are expected to show continued gains by the sector, which has been steadily improving despite the bumpy economy.

Economists expect to see slight improvement in August’s existing home sales to 4.55 million, up 1.8 percent, and housing starts are expected to come in at 765,000, up from July’s 746,000. The reports are released at 8:30 a.m. ET and come a day after a key sentiment indicator showed home builders confidence rose to the highest level in six years.

“When I look at home prices now, I see evidence across all the important home price series of signs of a turn,” said Deutsche Bank Chief U.S. economist Joseph LaVorgna. LaVorgna said that was apparent in CoreLogic data, which showed a national 3.8 percent price increase year-over-year in July, and  a 7.2 percent rise in prices year-to-date.

Via – CNBC

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