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Home construction falls; wholesale prices edge up

Post Time:Jan 21,2010Classify:Industry NewsView:111

The housing market remains a significant risk to the economy, data Wednesday showed, as bad weather across much of the country hammered the construction industry.

Along with icy storms, the real estate recovery is facing man-made headwinds. On Wednesday, the government said buyers will face higher fees and tougher standards for home loans backed by the Federal Housing Administration, a popular source of loans for first-time buyers.

Unemployment is expected to remain high throughout the year, which will drive the foreclosure rate to new records, according to a Jan. 20 AP report.

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