Crude oil prices surged to a 7-year high due to strong global demand and tight supply. Tensions in the Middle East and Russia added to the concerns. |
The housing market and larger economy are expected to enter a "new normal" in 2022 as the unprecedented market disturbances subside. |
Last week's initial jobless claims totaled 286,000, well above the 225,000 estimate. Continuing claims also rose to 1.64 million. |
Builders in the single-family housing market are facing growing expenses, which is causing a turnaround in sentiment to start the year. |
Housing starts increased to a 9-month high in December amid a surge in multi-family housing projects, despite soaring materials prices. |
Existing home sales tumbled in December as higher prices and record low inventory continued to shut out some first-time buyers. |