HousingWire – Christina Mlynski
It would be a lie to say the market wasn’t surprised the significant drop in new home sales, but most believe this isn’t the sign the recovery has ended. In fact, most believe the housing transition to the ‘new’ normal has just begun. Members of the Federal Open Market Committee meeting minutes this week revealed that the housing sector will continue to be resilient in the face of ongoing market challenges. Since the release, the market has taken the same approach to remain cautiously optimistic on housing. "While the Fed outlined reasons why they believe housing will moved forward, we need to be very cautious and this is why, the backup in rates," explained BNP Paribas U.S. economist Yelena Shulyatyeva.