US housing market improves
<p><span word="There">There</span>'<span word="s">s</span> <span word="good">good</span> <span word="news">news</span> <span word="for">for</span> <span word="the">the</span> <span word="US">US</span> <span word="housing">housing</span> <span word="market">market</span>. <span word="Newly">Newly</span> <span word="released">released</span> <span word="figures">figures</span> <span word="show">show</span> <span word="a">a</span> <span word="modest">modest</span> <span word="uptick">uptick</span> <span word="in">in</span> <span word="the">the</span> <span word="sales">sales</span> <span word="of">of</span> <span word="new">new</span> <span word="and">and</span> <span word="used">used</span> <span word="homes">homes</span> <span word="in">in</span> <span word="July">July</span>. <span word="Average">Average</span> <span word="home">home</span> <span word="prices">prices</span> <span word="also">also</span> <span word="are">are</span> <span word="rising">rising</span>. <span word="But">But</span> <span word="a">a</span> <span word="number">number</span> <span word="of">of</span> <span word="obstacles">obstacles</span> <span word="remain">remain</span> <span word="for">for</span> <span word="the">the</span> <span word="struggling">struggling</span> <span word="housing">housing</span> <span word="market">market</span>.</p><p><span word="Housing">Housing</span> <span word="has">has</span> <span word="been">been</span> <span word="a">a</span> <span word="major">major</span> <span word="drag">drag</span> <span word="on">on</span> <span word="the">the</span> <span word="economy">economy</span> <span word="for">for</span> <span word="the">the</span> <span word="last">last</span> <span word="five">five</span> <span word="years">years</span>, <span word="but">but</span> <span word="a">a</span> <span word="new">new</span> <span word="government">government</span> <span word="report">report</span> <span word="suggests">suggests</span> <span word="a">a</span> <span word="modest">modest</span> <span word="recovery">recovery</span> <span word="may">may</span> <span word="be">be</span> <span word="under">under</span> <span word="way">way</span>. <span word="Sales">Sales</span> <span word="of">of</span> <span word="new">new</span> <span word="homes">homes</span> <span word="rose">rose</span> 3.6 <span word="percent">percent</span> <span word="in">in</span> <span word="July">July</span>. <span word="And">And</span> <span word="a">a</span> <span word="separate">separate</span> <span word="report">report</span> <span word="by">by</span> <span word="the">the</span> <span word="National">National</span> <span word="Association">Association</span> <span word="of">of</span> <span word="Realtors">Realtors</span> <span word="says">says</span> <span word="demand">demand</span> <span word="for">for</span> <span word="previously">previously</span> <span word="owned">owned</span> <span word="homes">homes</span> <span word="is">is</span> <span word="up">up</span>.</p><p><span word="Even">Even</span> <span word="luxury">luxury</span> <span word="builders">builders</span> <span word="have">have</span> <span word="benefited">benefited</span>. <span word="Toll">Toll</span> <span word="Brothers">Brothers</span>, <span word="best">best</span> <span word="known">known</span> <span word="for">for</span> <span word="its">its</span> <span word="so">so</span>-<span word="called">called</span> <span word="larger">larger</span> <span word="homes">homes</span> <span word="called">called</span> "<span word="McMansions">McMansions</span>," <span word="has">has</span> <span word="posted">posted</span> <span word="its">its</span> <span word="best">best</span> <span word="quarter">quarter</span> <span word="in">in</span> <span word="four">four</span> <span word="years">years</span>.</p><p>"<span word="We">We</span> <span word="are">are</span> <span word="blessed">blessed</span> <span word="with">with</span> <span word="increased">increased</span> <span word="demand">demand</span>. <span word="The">The</span> <span word="pent">pent</span>-<span word="up">up</span> <span word="demand">demand</span> <span word="from">from</span> <span word="the">the</span> <span word="customers">customers</span> <span word="who">who</span> <span word="have">have</span> <span word="been">been</span> <span word="on">on</span> <span word="the">the</span> <span word="sidelines">sidelines</span> <span word="for">for</span> <span word="the">the</span> <span word="last">last</span> <span word="four">four</span> <span word="to">to</span> <span word="five">five</span>, <span word="six">six</span> <span word="years">years</span> -- <span word="has">has</span> <span word="started">started</span> <span word="to">to</span> <span word="release">release</span>," <span word="said">said</span> <span word="Martin">Martin</span> <span word="Connor">Connor</span>, <span word="the">the</span> <span word="company">company</span>'<span word="s">s</span> <span word="chief">chief</span> <span word="financial">financial</span> <span word="officer">officer</span>.</p><p><span word="Smaller">Smaller</span> <span word="inventories">inventories</span> <span word="have">have</span> <span word="also">also</span> <span word="led">led</span> <span word="to">to</span> <span word="higher">higher</span> <span word="home">home</span> <span word="prices">prices</span> - <span word="up">up</span> <span word="an">an</span> <span word="average">average</span> <span word="of">of</span> 9 <span word="percent">percent</span> <span word="from">from</span> <span word="a">a</span> <span word="year">year</span> <span word="ago">ago</span>.</p><p><span word="Connor">Connor</span> <span word="says">says</span> <span word="that">that</span>'<span word="s">s</span> <span word="helped">helped</span> <span word="boost">boost</span> <span word="builder">builder</span> <span word="confidence">confidence</span>. <span word="Last">Last</span> <span word="month">month</span> <span word="applications">applications</span> <span word="for">for</span> <span word="building">building</span> <span word="permits">permits</span> <span word="hit">hit</span> <span word="a">a</span> <span word="four">four</span>-<span word="year">year</span> <span word="high">high</span>.</p><p>"<span word="So">So</span> <span word="while">while</span> <span word="we">we</span>'<span word="ve">ve</span> <span word="had">had</span> <span word="some">some</span> <span word="fits">fits</span> <span word="and">and</span> <span word="starts">starts</span> <span word="since">since</span> <span word="the">the</span> <span word="downturn">downturn</span>, <span word="we">we</span> <span word="believe">believe</span> <span word="based">based</span> <span word="on">on</span> <span word="the">the</span> <span word="strength">strength</span> <span word="and">and</span> <span word="depth">depth</span> <span word="of">of</span> <span word="this">this</span> <span word="selling">selling</span> <span word="season">season</span> <span word="that">that</span> <span word="the">the</span> <span word="market">market</span> <span word="is">is</span> <span word="back">back</span>," <span word="Connor">Connor</span> <span word="said">said</span>.</p><p><span word="But">But</span> <span word="even">even</span> <span word="with">with</span> <span word="recent">recent</span> <span word="gains">gains</span>, <span word="analysts">analysts</span> <span word="say">say</span> <span word="overall">overall</span> <span word="home">home</span> <span word="prices">prices</span> <span word="are">are</span> <span word="still">still</span> <span word="below">below</span> <span word="levels">levels</span> <span word="needed">needed</span> <span word="to">to</span> <span word="sustain">sustain</span> <span word="a">a</span> <span word="healthy">healthy</span> <span word="recovery">recovery</span>. <span word="Weak">Weak</span> <span word="job">job</span> <span word="growth">growth</span> <span word="in">in</span> <span word="the">the</span> <span word="US">US</span> <span word="has">has</span> <span word="not">not</span> <span word="helped">helped</span>. <span word="And">And</span> <span word="despite">despite</span> <span word="record">record</span> <span word="low">low</span> <span word="interest">interest</span> <span word="rates">rates</span>, <span word="tighter">tighter</span> <span word="lending">lending</span> <span word="standards">standards</span> <span word="continue">continue</span> <span word="to">to</span> <span word="constrain">constrain</span> <span word="buyers">buyers</span>.</p>
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