Fed Chairman Bernanke said that the economic outlook remains uncertain. The good news for real estate is that interest rates are likely to remain low well into next year.
In other economic news, the US Census Bureau said single family housing starts fell by 0.7% in June to a seasonally adjusted rate of 454,000. Compare this to 1.47 million homes in 2006. May and June also saw declines in building permits. A reduction in new homes can contribute to more activity in the resale market if home buyers can afford to purchase a home, which is impacted by the unemployment rate and interest rates.
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