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Data

Commentary: Headlines and Bottom Lines

One of the most interesting results of poring through economic data reports is that the details often tell a different story than the headline. Coverage of the recent report on housing permits and starts, for example, was dominated by the increases in both metrics, suggesting a revival of the housing sector, a response some analysts suggested is due to tight inventories of existing-single family homes on the market. However, a closer look revealed a more important phenomenon.

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Real Estate Group Makes Recommendations on CRE Tax Reform

The Real Estate Roundtable, a group of leaders representing real estate businesses and trade associations, published a release urging lawmakers to take a pro-growth approach to tax reform that considers the commercial real estate (CRE) sector's role in the larger economy. In a letter, the group says a restructuring of taxes should recognize "commercial real estate's vast economic contributions" and include "transition rules" to minimize disruptions to real estate.

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Existing Home Sales, Prices Up in February

Existing-home sales rose 0.8 percent in February to 4.98 million, the National Association of Realtors reported Thursday. Economists had expected the sales pace to climb to 5.01 million from January├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós originally reported 4.92 million. January sales were revised up to 4.94 million.

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FOMC Continues Interest Rate, Investment Policies

Fed

With an upbeat assessment of the economy, the Federal Open Market Committee (FOMC) voted 11-1 Wednesday to leave interest rates unchanged and to continue its program of purchasing agency mortgage-backed securities (MBS) and longer-term Treasury securities to "maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative." Kansas City Fed President Esther George, who opposed a similar action in January, cast the lone dissenting vote.

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