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Forex Flash: Expect the housing recovery to be slow - Wells Fargo

By FXstreet.com,  July 20, 2012, 04:10:00 PM EDT

FXstreet.com (San Francisco) - US will release next Wednesday July 25 the New Home Sales June report and after two months of recovery, market is expecting a third one until an annual rate of 373.000 homes sales in June from 369.000 published in May.

The Wells Fargo analyst team agrees with this number, as "According to the NAHB/Wells Fargo Housing Market Index, builder sentiment rose to its highest level since March 2007," says a recent report published by the bank. "Moreover, with the share of foreclosures continuing to decline, home prices have also improved over the last year."

"Despite the pullback in existing home sales in June, we suspect new home sales likely increased on the month," concludes Wells Fargo. "We still expect the housing recovery to be slow, however."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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