Dismal labour market holds back U.S. housing recovery
— The Globe and Mail
The U.S. housing market is no longer in intensive care – but don’t expect it to start sprinting ahead any time soon.
A dismal labour market still casts a pall over the sector, despite a recent outburst of good news that has fuelled hopes of a full-fledged housing recovery.
To be sure, the Case/Shiller composite index of U.S. home prices has risen for the three months ended in August. Home builders are once again busy and housing starts climbed 35 per cent in year-over-year terms in September.