As a spate of housing data are released in the coming week, Wall Street will attempt to answer a burning question: Is the housing market becoming a big drag on economic growth?
“We are laser-focused on this housing data coming out, because we have seen that the backbone of the recovery was housing. Now it’s faltering slightly. So if we see another mishap here, maybe that adds to the slowing global growth—especially domestically,” said Jeff Kilburg, chief executive of KKM Financial.
The data start to emerge on Monday morning, when the National Association of Home Builders releases the latest reading on its housing market sentiment index. That widely watched gauge of the housing market rose to a six-month high in July, but is still down on the year.