Housing

Home Construction Spending Hammered Down

Construction spending dropped 1.1% in February, according to the Commerce Department. The numbers were a disappointment to most analysts

In all probability, builders continue to watch a drop in home prices which was most recently seen in the S&P/Case-Shiller Index. Foreclosures are also running at a brisk pace according to new data from Corelogic and RealtyTrac.

Record low interest rates have not drawn buyers into the market, because, they too believe the home prices have further to fall. No one wants to have negative equity in a home just a year after a purchase.

The number is also an indication that unemployment in the construction industry, among the highest of any sector, is not likely to improve, which will put a drag on the jobs recovery.

Is Your Money Earning the Best Possible Rate? (Sponsor)

Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.

However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.

There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.