Saudi Arabia Is Making a High-Risk $1 Trillion Bet on Tourism
The kingdom must overcome a conservative image and concern about human rights. Visit the desert oasis town of AlUla to understand the challenge.
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The kingdom must overcome a conservative image and concern about human rights. Visit the desert oasis town of AlUla to understand the challenge.
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Oct 16, 2018
Bloomberg News
,(Bloomberg) -- Confidence among U.S. homebuilders unexpectedly rose in October, registering the first gain in five months amid falling lumber prices and solid demand, according to a report Tuesday from the National Association of Home Builders/Wells Fargo.
Key Takeaways
October’s pickup in sentiment across the three sub-indexes and all four regions indicates the market for newly-built homes may be regaining steam after a broad cooling in housing in recent months. Tailwinds from tax cuts and one of the strongest job markets in decades continue to elevate sentiments and boost demand. Lumber prices have also fallen almost 50 percent since reaching a record in May.
At the same time, affordability continues to present challenges, with rising home prices and borrowing costs, the report said. Data on housing starts and existing-home sales due this week are both projected to show declines in September from the prior month.
Official’s View
“Favorable economic conditions and demographic tailwinds should continue to support demand, but housing affordability has become a challenge due to ongoing price and interest rate increases,” NAHB Chief Economist Robert Dietz said in a statement. “Unless housing affordability stabilizes, the market risks losing additional momentum as we head into 2019.”
Other Details
To contact the reporter on this story: Sarah Foster in Washington at sfoster94@bloomberg.net
To contact the editors responsible for this story: Brendan Murray at brmurray@bloomberg.net, Scott Lanman, Alister Bull
©2018 Bloomberg L.P.