New home sales shine in U.S. recovery
Based on its internal dynamics, the U.S. economy continues to be one of the most attractive for investors. One of the key pillars of support for the U.S. economy has been the housing market.
Dynamics of the housing market include low prices, low mortgage rates, high pent-up demand due to rising household formation, and institutional investment into a strong rental market.
Of these, only mortgage rates have hit a bump in the road, as the surge in bond yields has pushed rates higher. However, rates still appear low when viewed over a longer time horizon, and we think conditions favor continued strength.
Read Putnam’s full Capital Markets Outlook.
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Aaron M. Cooper D. William Kohli Robert J. Kea, CFA Norman P. Boucher, Portfolio Manager, and Paul D. Scanlon, CFA Christian J. Galipeau Joshua M. Cummings, CFA, Analyst | Christopher J. Eitzmann, Analyst | Greg Kelly, Analyst Simon Davis and Shep Perkins, CFA Daniel Farrell David L. Glancy Daniel J. Graña Darren A. Jaroch David Morgan Robert D. Ewing, D. William Kohli Putnam Fixed Income Team Ferat Ongoren Gerard P. Sullivan Jason R. Vaillancourt, CFA Jacquelyne J. Cavanaugh Joanne M. Driscoll Onsel Emre, Ph.D. Joseph P. Joseph Joseph P. Joseph and Randy J. Farina Joykrishna Mahato Jeffrey B. Sacknowitz Kelsey Chen Kevin F. Murphy D. William Kohli, Michael V. Salm, and Paul D. Scanlon, CFA Michael J. Atkin Matthew F. Beaudry Thalia H. Meehan, CFA, and Paul M. Drury, CFA Michael V. Salm, Co-Head of Fixed Income; and Brett S. Kozlowski, CFA and Kevin F. Murphy, Portfolio Managers Michael P. Wands, CFA Michael V. Salm Christian J. Galipeau | Brendan T. Murray | Seamus S. Young, CFA, Investment Directors Paul D. Scanlon Putnam Global Asset Allocation Team Putnam Investments Putnam Tax Exempt Fixed Income Team Putnam U.S. Equities Team Putnam Portfolio Managers Robert M. Brookby Robert D. Ewing Randy J. Farina Robert D. Ewing, CFA, Co-Head of U.S. Equities, and Shep Perkins, CFA, Co-Head of International Equities Robert L. Reynolds Robert L. Salvin Michael V. Salm, Co-Head of Fixed Income, and Brett S. Kozlowski, CFA Sarah A. Marshall Paul D. Scanlon, CFA, Co-Head of Fixed Income | T.L. Tsang, CFA, Analyst Scott C. Sipple Steven W. Curbow Simon Davis Shep Perkins Robert L. Davis, CFA, Analyst, and Simon Davis Thalia Meehan Vivek Gandhi Walter D. Scully Izzet Yildiz, Ph.D., Analyst | Michael J. Atkin, Portfolio Manager | Jo Anne Ferullo, Senior Investment Director