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Old 01-28-2013, 10:17 AM
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Arrow Morning Forex Fundamental: USD

Morning Forex Fundamental: USD

There is a gradual recovery going on in housing' - Richard Moody, chief economist at Regions Financial Corp.

The number of new homes sold in the U.S. in December has declined, indicating the property market rebound will take time to develop after the industry completed its first year of recovery. Sales dropped 7.3%, reaching a total number of 369,000, down from 398,000 rate in November that was higher than previously estimated and the strongest in more than two years, a report by the Commerce Department showed Friday. Despite December's decline, 367,000 new homes were purchased for all of 2012, the highest figure since 2009 and the first annual gain in seven years, proving that housing market is still recovering, albeit slower than expected.

'There is a gradual recovery going on in housing,' said Richard Moody, chief economist at Regions Financial Corp. in Birmingham, Alabama. 'The month-to-month numbers are quite volatile. As long as the recovery in the broader economy remains in tact, even though it's frustratingly slow, then you can see steady improvement in the housing market.'

'We think that 2013 is going to be a good year for the U.S. construction industry,' Charles Bunch, chief executive officer of paint and glass maker PPG Industries Inc. (PPG), said during a Jan. 14 earnings call. 'You're seeing a lot of anecdotal information about, in certain markets, the housing resale market strengthening.'

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