Housing Market Won't be Killed by the Fed, Says Economist

This week brought more signs that the housing market is showing continued improvement, and prospects of higher interest rates from the Federal Reserve won't kill the ongoing recovery, according to one economist. On Friday, the National Association of Realtors reported that existing home sales for April came in better than expected, increasing 1.7 percent to an annual rate of 5.45 million units. Earlier in the week, housing starts and building permits were also strong. Ryan Wang, U.S. economist at HSBC, says the market will be 'steady as she goes,' regardless of whether or not the Federal Reserve increases rates next month.