The most interest-rate-sensitive sector of the American economy is flashing a cautiously bullish signal. That is precisely why the last thing the market needs now is a Fed rate hike.
In April, new residential construction data showed a market that is not booming, but it is trying to heal. Housing permits rose a strong 5.8 percent to an annual rate of 1.442 million units, well above market expectations. Housing starts slipped 2.8 percent on the month, but still came in above expectations at a 1.465 million annual rate and are up 4.6 percent over the past year.
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