U.S. Housing Helped by Brexit
Sales of new residential units, after falling through most of 2018, have risen smartly during the past couple of months. Residential construction, as measured by starts of new homes, has also rebounded. The reason for this sudden turn lies far from our shores. Brexit as well as other economic troubles in Europe and Japan have kept interest rates in these regions so low that a flood of foreign money as arrived in the United States, driving down longer-term yields.