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The demand for diesel is expected to decrease this year, which is unusual for a fuel that plays a significant role in the global economy. Factors such as a slowdown in construction in China and the rise of trucks powered by liquefied natural gas are contributing to this decline. While demand is projected to pick up next year, it may not keep pace with the increase in supply, leading to an oversupply of diesel in the market. [Extracted from the article]

The UK's new Labour government is facing a significant challenge as housing starts in England have hit their lowest levels since 2009, with fewer than 88,000 new homes beginning construction in the past year. Prime Minister Keir Starmer's goal of building 1.5 million homes over the current parliamentary term is at risk due to market forces, including private developers cutting back on housing starts. The impact of Covid and the previous government's policies have also contributed to the decline in construction activity, highlighting the complexity of the housing crisis in the UK. [Extracted from the article]

The UK's new Labour government is facing a significant challenge in boosting housing construction, as data shows the lowest number of new homes starting construction in England in almost 15 years. Prime Minister Keir Starmer's goal of building 1.5 million homes over the current parliamentary term is at risk due to market forces, with private developers cutting back on housing starts. Factors such as the impact of Covid and the previous government's scrapping of housebuilding targets have also contributed to the decline in construction activity. [Extracted from the article]

The number of companies filing for insolvency in Colombia is set to reach a decade high due to a contraction in the construction industry, exacerbated by changes in housing subsidies by President Gustavo Petro's government. The economic downturn has led to a ripple effect, impacting broader economic growth and resulting in job losses in the construction and manufacturing sectors. While the government has made some changes to the subsidy program, the consequences are still being felt, with concerns about the long-term impact on the economy and employment. [Extracted from the article]

Gunmen attacked a tunnel project in Jammu and Kashmir, killing seven workers and injuring five others, in one of the worst assaults on an infrastructure project in the region. The construction project, managed by a private firm, is part of the Indian government's efforts to boost economic development in the area. The attack occurred shortly after local elections in the region, which has a history of separatist violence and militant-led incidents. The victims of the attack were a mix of local and non-local workers, according to the region's chief minister. [Extracted from the article]

A major Australian business lobby, the Business Council of Australia, has proposed a plan to address the nation's housing shortage ahead of an upcoming election where cost-of-living concerns, such as rising rents, are expected to be significant issues. The proposals include creating a national reform fund, rezoning land for high-density housing, addressing labor shortages, and ending stamp duty. Both the center-left government and the center-right opposition have put forward policies to boost housing supply, with differing approaches to tackling the issue. The housing market in Australia has seen significant price increases and rental costs post-pandemic, leading to a pressing need for solutions to alleviate the housing squeeze. [Extracted from the article]

In September, US housing starts slightly decreased due to a decline in multifamily construction, despite an increase in single-family home building. The overall number of building permits also fell, indicating a potential slowdown in future construction. Factors such as rising mortgage rates and an oversupply of new homes have impacted the housing market, with builders hopeful for increased demand with lower financing costs. The housing market is expected to continue recovering gradually, with regional variations in construction activity. [Extracted from the article]

In September, US housing starts slightly decreased due to a decline in multifamily construction projects, despite an increase in single-family dwellings. The annualized rate of housing starts was 1.35 million, with single-family home construction showing a 2.7% increase to 1.03 million, the highest in five months. Building permits for future construction also decreased by 2.9%, with single-family home permit applications rising slightly to a 970,000 pace. [Extracted from the article]

In September, US housing starts slightly decreased due to a decline in multifamily construction, despite an increase in single-family home building. The number of building permits also fell, indicating a potential slowdown in future construction. Factors such as rising mortgage rates and a surplus of new homes have impacted the housing market, with experts predicting a gradual recovery as interest rates decrease. [Extracted from the article]

In September, US housing starts slightly decreased due to a decline in multifamily construction, despite an increase in single-family home building. The number of building permits also fell, indicating a potential slowdown in future construction. Factors such as rising mortgage rates and a surplus of new homes have impacted the housing market, with experts predicting a gradual recovery as interest rates decrease. [Extracted from the article]

In September, US housing starts slightly decreased due to a decline in multifamily construction, despite an increase in single-family home building. The overall number of building permits also fell, indicating a potential slowdown in future construction. Factors such as rising mortgage rates and an oversupply of new homes have impacted the housing market, with builders hopeful for increased demand with lower financing costs. [Extracted from the article]

The US homebuilder sentiment has reached a four-month high, driven by optimism about demand for new houses in 2025 due to lower mortgage rates. The National Association of Home Builders and Wells Fargo reported an increase in their housing market conditions measure to 43 in October, surpassing economists' expectations. Despite fluctuations in new-home sales, larger builders have remained profitable and gained market share, with expectations of a strong spring selling season ahead. The Federal Reserve's recent interest rate cuts have influenced mortgage rates, impacting housing demand and construction loan availability. [Extracted from the article]

The US homebuilder sentiment has reached a four-month high, driven by optimism about demand for new houses in 2025 due to lower mortgage rates. The National Association of Home Builders and Wells Fargo reported an increase in their housing market conditions measure to 43 in October, surpassing economists' expectations. Despite fluctuations in new-home sales, larger builders have remained profitable and gained market share, with expectations of a strong spring selling season ahead. The Federal Reserve's recent interest rate cuts have influenced mortgage rates, impacting housing demand and construction loan availability. [Extracted from the article]

According to research from Zillow Group Inc., the gap in home values between Hispanic and White owners has reached a record low. Hispanic-owned houses are now worth 11.9% less than those owned by non-Hispanic White households, compared to a high of 18% following the global financial crisis. Efforts to improve access to down payment assistance, credit-building programs, zoning reforms, and affordable housing construction are seen as key initiatives to continue this progress. Asian homeowners typically own the most expensive houses, while Black-owned homes have the lowest value. Homeownership is particularly important for Hispanic Americans, as about 47.2% of their wealth is tied up in their primary residence. The rise in housing prices since 2012 has created approximately $1.5 trillion in real estate wealth for Hispanic Americans. [Extracted from the article]

Sun Hung Kai Properties, the largest property developer in Hong Kong, sold all 204 apartments available at the Cullinan Sky project in one day after offering them at a discount. The first batch of flats in the development were priced 20% lower than nearby projects. Despite a recent reduction in mortgage rates, property developers in Hong Kong still face challenges due to an oversupply of homes, leading to price cuts. The pricing of the first batch of homes at Cullinan Sky may result in a loss for Sun Hung Kai, as the average sale price is 38% below the estimated breakeven unit price. [Extracted from the article]

Iceland's central bank, Sedlabanki, unexpectedly cut interest rates by 25 basis points to 9.0%, marking the first reduction since August last year. This move comes as inflation in the country has started to ease, with consumer-price growth slowing to 5.4% in September, the lowest in two and a half years. The central bank remains concerned about high long-term inflation expectations, driven by housing prices, and the impact of volcanic activity on the housing market. The decision to lower rates was seen as a wise step, and further reductions are expected in the future if inflation remains under control. [Extracted from the article]

Iceland's central bank, Sedlabanki, has unexpectedly cut interest rates by 25 basis points to 9.0%. This decision comes as inflation in the country has started to ease, with annual consumer-price growth at its slowest in two and a half years. The move is seen as a positive step and may signal further rate reductions in the future. The economy is already cooling, with high rates impacting housing construction and household demand. However, housing prices have remained resilient due to volcanic activity displacing a small percentage of the population. [Extracted from the article]

Iceland's central bank, Sedlabanki, unexpectedly cut interest rates by 25 basis points to 9.0%, marking the first reduction since August last year. The decision comes as inflation in the country has started to ease, with consumer-price growth slowing to 5.4% in September, the lowest in two and a half years. The central bank cited the tapering off of price gains and subsiding underlying inflation as reasons for the rate cut. Analysts expect further reductions in the future if inflation remains under control. The economy is already cooling, with high rates impacting housing construction and household demand. However, housing prices have remained resilient due to volcanic activity displacing 1% of the population. Some analysts have expressed surprise at the central bank's decision, noting that rate cuts are typically signaled with more notice. [Extracted from the article]

A series of earthquakes, ranging from medium to small magnitudes, shook Mexico City on Thursday, causing concern among residents who are accustomed to tremors. No damage was reported. The city is particularly alert in September due to past earthquakes in that month in 1985 and 2017 that caused significant destruction and loss of life. The earthquakes originated from different areas, including the state of Guerrero on the Pacific coast and the state of Veracruz in the Gulf of Mexico. Additionally, a succession of micro quakes, known as "swarms," occurred within the city itself. These micro quakes have become more noticeable in recent months and are attributed to the awakening of faults after the 2017 earthquake. The densely populated areas of Mexico City make these micro quakes more noticeable to residents. The increased sensitivity to tremors is attributed to the fear and perception that developed after the last major earthquake. [Extracted from the article]

China's President Xi Jinping has called for increased fiscal spending and "forceful" rate cuts in response to concerns over the country's slowing economic growth. The Politburo, a decision-making body, has pledged to meet the country's annual economic goals and stabilize the real estate market. This meeting, which falls outside the usual months for economic discussions, highlights the growing anxiety in Beijing. Despite recent stimulus measures, threats to the economy persist, including a real estate crisis and trade tensions with the US and Europe. [Extracted from the article]

China's President Xi Jinping called a surprise meeting of top leaders to discuss the country's slowing economy. The Politburo, a decision-making body, pledged to meet the country's annual economic goals and emphasized the need for fiscal spending and stabilizing the real estate market. This meeting is unusual as discussions on the current economic situation typically only occur in April, July, and December. The meeting comes after China's central bank governor implemented a policy package to revive the economy, but challenges such as the real estate crisis and trade tensions with the US and Europe persist. [Extracted from the article]

Architect and developer Adam Kushner is selling his Greenwich Village townhouse, which he purchased for $3.75 million and renovated over the course of 10 years. The house, now listed for $20 million, spans 4,200 square feet and includes four bedrooms, four-and-a-half bathrooms, and an 83-foot climbing wall. Despite the challenges of the renovation, Kushner sees the house as a great deal and hopes to find a buyer who appreciates its unique features. [Extracted from the article]

The Reserve Bank of Australia (RBA) is expected to keep interest rates on hold due to the country's housing crisis and record household debt. Housing costs, including rents, make up a significant portion of Australia's consumer basket and are a major driver of inflation. The RBA's cautious approach is influenced by Governor Michele Bullock's hawkish rhetoric and the expectation that underlying inflation will only return to the target range in late 2025. The RBA is likely to undertake a shallow easing cycle when it eventually starts cutting rates, reflecting its cash rate peaking 1 percentage point below the US Federal Reserve's rate. The housing squeeze in Australia is primarily caused by a surge in post-pandemic immigration and rising residential construction costs, leading to soaring rents and property prices. The demand for housing has outpaced supply, with mortgage lending and home loans to investors increasing significantly. The construction industry is crucial to Australia's economy, and the shortage of workers and materials has resulted in a shortfall of housing starts. The housing market's strong performance poses a risk that any rate cut could further fuel property prices. However, some economists believe the RBA may not wait for a cooling in the housing market before implementing rate cuts. The RBA's rate hikes have slowed economic growth, but the labor market remains resilient, with the unemployment rate holding steady. Oxford Economics expects rate cuts to begin in the second quarter of next year, citing weak productivity and a monetary-fiscal policy mismatch as factors contributing to a slow [Extracted from the article]

According to a recent poll conducted by the Irish Times, support for Ireland's Prime Minister, Taoiseach Simon Harris, has increased, along with his party, Fine Gael. This surge in popularity may put pressure on Harris to call for an early general election this autumn. The opposition party, Sinn Fein, saw a decline in support, while Fine Gael's popularity has grown since Harris took over as leader. Speculation has arisen that an election could be called this year, especially after Fine Gael's success in local and European Parliament elections. The government's surplus in corporation tax receipts and a windfall from Apple Inc. may also allow for giveaways in the upcoming budget. [Extracted from the article]

According to a recent poll conducted by the Irish Times and Ipsos, support for Ireland's Prime Minister, Taoiseach Simon Harris, has surged to 55%, with his party, Fine Gael, also experiencing an increase in popularity. This boost in support is likely to increase pressure on Harris to call for a general election this autumn. Speculation has been mounting that an election could be called this year, as Fine Gael has gained popularity since Harris took over as leader. Sinn Fein, the main opposition party, saw a decline in support in the poll. The government's surplus on corporation tax receipts, along with a windfall from Apple Inc., may allow for giveaways in the upcoming budget, which could further influence the decision to call an early election. [Extracted from the article]

US housing starts in August increased by 9.6%, reaching the fastest pace since April. This rebound comes after a decline in July, highlighting the unevenness of residential construction as builders consider inventory levels and demand prospects. Building permits, which indicate future construction, also rose by 5%. Single-family home construction saw a significant increase of nearly 16%, while multifamily projects experienced a decline. Builders are waiting for sustained demand to reduce the inventory of unsold homes, while falling mortgage rates are expected to support sales. However, consistent growth in residential construction will take time. [Extracted from the article]

US housing starts increased by 9.6% in August, reaching the fastest pace since April. This rebound comes after a decline in the previous month, highlighting the unevenness of residential construction as builders consider inventory levels and demand prospects. Building permits, which indicate future construction, also rose by 5% to a 1.48 million annualized rate, with single-family permits reaching a four-month high. While there is optimism for an improving housing market, it may take time for consistent growth in residential construction. The housing starts data are volatile, and the National Association of Realtors will release August data on existing-home sales, which have been limited by a lack of inventory. [Extracted from the article]

US housing starts in August increased by 9.6% to a rate of 1.36 million, the fastest pace since April. This rebound comes after a decline in July, highlighting the unevenness of residential construction as builders consider inventory levels and demand prospects. Building permits, which indicate future construction, also rose by 5% to a rate of 1.48 million, with single-family permits reaching a four-month high. While mortgage rates have fallen to their lowest level since 2022, builders are still waiting for sustained demand to reduce the number of unsold homes. The housing market is expected to improve, leading to increased investment in US builders. [Extracted from the article]

(Bloomberg) -- US housing starts bounced back in August after tumbling a month earlier, illustrating uneven residential construction as builders weigh inventory levels against brighter demand prospects tied to falling borrowing costs.Beginning home construction increased 9.6% to a 1.36 million annualized rate last month, the fastest since April, according to government figures released Wednesday. The median estimate of economists surveyed by Bloomberg called for a 1.32 million rate.Building permits climbed nearly 5% to a 1.48 million pace.--With assistance from Chris Middleton.©2024 Bloomberg L.P.By Michael SassoReported by Author [Extracted from the article]

Confidence among US home builders has increased in September for the first time in six months, just before the Federal Reserve is expected to cut interest rates. A gauge of housing market conditions from the National Association of Home Builders and Wells Fargo rose 2 points to 41 this month, with all regions seeing an increase. Measures of prospective-buyer traffic and present sales also rose, and an outlook index for the next six months increased 4 points to 53. The anticipated interest rate cut is expected to bring down mortgage rates and boost home sales. [Extracted from the article]

New Zealand's manufacturing industry has contracted for a record 18th consecutive month, indicating a stalled economy due to high interest rates. The Performance of Manufacturing Index rose slightly in August but remains below 50, indicating contraction. The Reserve Bank is projecting a further contraction in the third quarter, potentially leading to the nation's third recession in less than two years. Despite sluggish economic growth, the Reserve Bank has recently cut interest rates in an effort to stimulate the economy. [Extracted from the article]

Colombia's capital, Bogotá, is currently experiencing a water shortage and may have to tighten water restrictions further. In addition to this, the city is now at risk of power cuts due to delays in building new transmission corridors. The delays in constructing power lines have led to potential power interruptions as early as next year. The utility company, Grupo Energía Bogotá, warns that the current power system is already vulnerable to restrictions when supply is strained. The construction of three power lines is needed to meet demand, and the company is in talks with the government to secure the required licenses. Furthermore, the Environment Minister has warned that more needs to be done to reduce water consumption in the region, as the main reservoir is still below 50% capacity. If the reservoir reaches 22% capacity by December, there may not be enough water reserves to overcome the dry season. [Extracted from the article]

Japanese housing-related companies with exposure to the US may see a boost from the presidential election and interest rate cuts, outperforming the broader equity market in Tokyo. Home builders such as Sumitomo Forestry, Nichiha Corp., and Sekisui House have experienced significant gains this year, surpassing the overall market. This trend is attributed to both presidential candidates' plans to support homeownership and the Federal Reserve's preparations to lower rates. Despite concerns over an economic slowdown in the US, there is optimism that the next US president will continue to support the housing market. [Extracted from the article]

New Zealand's residential construction has reached a four-year low, indicating a potential recession. Spending on construction fell to NZ$5.2 billion ($3 billion) in the second quarter, the lowest level since 2020. Economists predict that the economy contracted in the second quarter due to high interest rates impacting spending and investment. The decline in construction activity is attributed to rising costs of materials and finance, leading to decreased buyer and developer activity. Fletcher Building, a major construction materials supplier, has also reported a decline in volumes and expects further drops in the coming year. [Extracted from the article]

The construction of homes in the UK grew at its fastest pace in almost two years in August, driven by lower borrowing costs and the Labour government's focus on housebuilding. Overall construction activity expanded for the sixth consecutive month, with the Construction Purchasing Managers' Index at 53.6 in August. Residential property was the only sub-sector to experience accelerated growth, following the Bank of England's easing of borrowing costs and the government's revamp of planning rules. The return of political stability after the general election also contributed to increased construction activity. However, concerns remain about public sector budgets and long-term infrastructure spending. [Extracted from the article]

The Japanese government has upgraded its monthly economic assessment for the first time in 15 months, citing signs of a recovery in consumption. The government's new view follows data showing Japan's economy rebounded to growth in the second quarter, with private consumption picking up for the first time in five quarters. This improved economic picture supports the Bank of Japan's decision to raise interest rates and cut bond purchases. The uptick in economic conditions may also benefit the ruling Liberal Democratic Party in the upcoming leadership contest and potential snap general election. [Extracted from the article]

Iron ore prices have risen for a third consecutive day, recovering from a 9% drop last week, due to optimism that Chinese authorities will take measures to revive the country's struggling property market. There are reports that Beijing is considering allowing local governments to purchase unsold homes using special bonds, as previous rescue packages have failed to boost the real estate market. Iron ore prices have fallen by 30% this year due to a lack of housing construction, China's economic slowdown, and a shortage of major infrastructure projects. Iron ore futures in Singapore rose 3.2% to $98.45 a ton, with a weekly gain of about 7%. [Extracted from the article]

New York City is offering apartments on the Upper West Side of Manhattan, just two blocks from Central Park, for as low as $173,801. The units will be sold through a lottery system to New Yorkers making less than 120% of the area's median income and with limited assets. The high demand for these affordable housing options highlights the city's housing crisis, with a shortage of affordable units and rising rents. The city is also offering similar opportunities in other neighborhoods like Hudson Yards and Astoria. [Extracted from the article]

New York City is selling apartments on the Upper West Side of Manhattan near Central Park for as low as $173,801. The units will be sold through a lottery system to New Yorkers who earn less than 120% of the area's median income and have limited assets. The high demand for these affordable housing options highlights the city's housing crisis, with a shortage of affordable units and rising rents. The city is also offering similar opportunities in other neighborhoods like Hudson Yards, Astoria, and the Upper East Side. [Extracted from the article]

A fire broke out at Somerset House, an arts and culture venue in London, prompting the deployment of 20 fire engines and approximately 125 firefighters. The cause of the blaze is currently unknown. Somerset House confirmed that the building was closed and all staff and visitors were safe. The fire was spotted in the west wing, which does not house any valuable artifacts or artworks. Somerset House, a historic building dating back to the 1500s, is located on the banks of the Thames and is known for housing works by renowned artists such as Vincent van Gogh and Paul Cezanne. [Extracted from the article]

New-home construction in the US fell in July to the lowest level since the aftermath of the pandemic due to weak demand, resulting in high inventory levels. Total housing starts decreased by 6.8% last month, with the biggest decline in single-family units since April 2020. The decline may have been influenced by the impact of Hurricane Beryl in the South. The new-home industry has been affected by high mortgage rates and prices, leading to increased inventory and a reduction in construction. However, larger builders have been able to gain market share by cutting prices and mortgage rates. Confidence among US home builders has also decreased, reaching its lowest point of the year in August. Building permits and applications for single-family homes have decreased, while authorizations for multifamily projects have fallen by over 11%. The number of completed single-family units has risen to the highest level in three months. The housing starts data are volatile, with a range of a 17.1% decline to a 3.5% gain. [Extracted from the article]

New-home construction in the US has fallen to its lowest level since the aftermath of the pandemic, as builders respond to weak demand and high inventory levels. Total housing starts decreased by 6.8% in July, with the biggest decline in single-family units. Building permits, which indicate future construction, also decreased by 4%. The new-home industry has been affected by high mortgage rates and prices, leading to increased inventory levels. However, larger builders have been able to gain market share by cutting prices and mortgage rates. Confidence among US home builders has also decreased, as they await the Federal Reserve to start cutting interest rates. [Extracted from the article]

(Bloomberg) -- New-home construction in the US fell in July to the lowest level since the aftermath of the pandemic as builders respond to weak demand that's keeping inventory levels high.Total housing starts decreased 6.8% to a 1.2 million annualized rate last month, dragged down by fewer single-family units, according to government data released Friday. The figure was lower than all estimates in a Bloomber survey of economists.Building permits, which point to future construction, decreased 4% to a 1.4 million annual rate.--With assistance from Chris Middleton.©2024 Bloomberg L.P.By Michael SassoReported by Author [Extracted from the article]

The New York City Council has approved a plan to allocate $500 million and rezone parts of the Bronx in order to construct 7,000 new homes and address the city's housing shortage. The plan includes the construction of new Metro-North rail stations in the East Bronx, with approximately 1,700 units having income limits to ensure permanent affordability. The city will also invest in improving the neighborhoods by renovating parks, playgrounds, and schools. This initiative is part of Mayor Eric Adams' campaign to incentivize residential construction and address the city's affordable housing crisis. [Extracted from the article]

US home builder sentiment has declined for the fourth consecutive month, reaching its lowest point of the year in August. This decline is attributed to high loan rates and home prices, which are impacting both companies and buyers. While present conditions are viewed negatively, there is a more optimistic outlook for the future, with expectations of mortgage rate cuts leading to improved buyer interest and builder sentiment. New-home sales have fared better than existing-home sales, with builders offering price reductions and mortgage rate incentives. Builder sentiment declined in the Northeast and South regions, while remaining unchanged in the West and Midwest. [Extracted from the article]

Specialty Building Products, a distributor of products used in home construction based in Duluth, Georgia, is reportedly seeking to raise up to $750 million in an initial public offering (IPO). The company, backed by Jordan Co., has filed confidentially with the US Securities and Exchange Commission and aims to launch the offering in the fourth quarter. The IPO would allow Specialty Building Products to take advantage of the increased spending on home renovation, which has remained high due to high interest rates and people staying in their current homes for longer. The US IPO market has rebounded this year, with $29 billion raised to date. Specialty Building Products distributes branded specialty building products in various categories and serves multiple states in the US and provinces in Canada. [Extracted from the article]

Sweden's economy may have contracted in the last quarter due to high borrowing costs impacting spending and investment. The decline in gross domestic product (GDP) was 0.8% on a quarterly basis, with weak data for April being a contributing factor. While there are signs of growth picking up towards the end of the quarter, the underlying trend suggests continued stagnation in the first half of the year due to weak domestic demand. The central bank is expected to resume easing measures in the second half of the year to stimulate recovery. [Extracted from the article]

Sweden's economy experienced its largest contraction in six quarters, with gross domestic product (GDP) declining by 0.8% in the second quarter of 2024. This decline was attributed to high borrowing costs, which impacted spending and investment in sectors such as homebuilding. Retail sales data for June also indicated a decline in household consumption. The central bank is expected to resume easing measures in the second half of the year, potentially reducing borrowing costs by up to 75 basis points. This could provide relief to consumers and construction companies that have been affected by weakened demand and increased costs. [Extracted from the article]

Sweden's economy contracted by 0.8% in the second quarter, the first decline in a year, due to high borrowing costs that have impacted spending and investment in sectors like homebuilding. This drop in output followed a stronger-than-expected expansion in the first quarter. The central bank has started lowering its benchmark rate and is expected to continue easing in the second half of the year, which could provide relief to consumers and construction companies. However, the recovery in residential construction remains fragile, as indicated by a recent weakening in housing starts. [Extracted from the article]

Homebuilder stocks are experiencing a significant rally, with shares jumping 22% in the past 10 days, the highest rate of expansion since May 2020. This rally is attributed to a softer-than-expected inflation print, which has increased bets that the central bank will begin easing sooner than anticipated. Additionally, positive results from D.R. Horton Inc. have sparked optimism about growth prospects for the industry. The rally has resulted in losses for short sellers in the industry, with $750 million in paper losses this month. The S&P Composite 1500 Homebuilding Index is up 18% in July, compared to a 2% gain in the S&P 500 Index. [Extracted from the article]