Tag Archives: COVID-19. Pandemic

High anxiety: World’s longest pedestrian suspension bridge opens in Portugal

By Catarina Demony and Miguel Pereira

AROUCA, Portugal (Reuters) – Hugo Xavier became one of the first people to cross the world’s longest pedestrian suspension bridge when it opened on Thursday near his tiny hometown of Arouca in northern Portugal.

“Oh…here we go!,” the 42-year-old said anxiously as he gathered enough courage to step onto the see-through metal grid pathway of the 516-metre-long (1693-ft) bridge alongside his equally jittery partner and a tour guide.

Hidden between rock-strewn mountains covered with lush greenery and yellow flowers inside the UNESCO-recognized Arouca Geopark, the bridge hangs 175 meters above the fast-flowing River Paiva.

The landscape is calm, but the crossing is not for the faint-hearted. Held up by steel cables and two massive towers on each side, it wobbles a little with every step.

“I was a little afraid, but it was so worth it,” a relieved Xavier said already on the other side. “It was extraordinary, a unique experience, an adrenaline rush.”

The bridge opened only to local residents on Thursday, but from Monday everyone can book a visit.

Locals hope the attraction, which cost about 2.3 million euros ($2.8 million) and took around two years to build, will help revive the region, especially after the devastating COVID-19 pandemic.

“It is a breath of fresh air for our land because it will attract more investment, more people,” said tour guide Emanuel, adding that the region was rapidly ageing as many young people moved to big cities. “It will bring a new dynamic to Arouca.”

Standing on the bridge, the mayor of Arouca, Margarida Belem, said the bridge was part of a wider strategy to encourage more people to move and stay in the region.

“There were many challenges that we had to overcome… but we did it,” the visibly proud mayor told Reuters. “There’s no other bridge like this one in the world.”

($1 = 0.8254 euros)

(Reporting by Catarina Demony, Miguel Pereira and Violeta Moura; Editing by Andrei Khalip and Raissa Kasolowsky)

Southwest recalls another 382 pilots ahead of summer travel

(Reuters) – Southwest Airlines said on Thursday it would recall another 382 pilots from a voluntary leave program as airlines prepare for a vaccine-led recovery in travel demand in the summer.

The COVID-19 pandemic and accompanying travel restrictions have hammered the aviation sector, but the mass rollout of vaccines is expected to drive a recovery this year.

Southwest said in a statement that the pilots would return to active status on July 1.

The low-cost airline said earlier this month it would recall 209 pilots and over 2,700 flight attendants from June 1 to support its summer schedule.

With the latest move, all Southwest captains would have returned from the airline’s voluntary leave program.

However, about 500 first officers are still participating in the program, the airline said.

(Reporting by Shreyasee Raj; Editing by Aditya Soni)

Boeing delivers 29 aircraft in March; orders positive for second straight month

By Ankit Ajmera

(Reuters) – Boeing Co said on Tuesday it delivered 29 aircraft in March, up from 20 a year earlier, with the U.S. plane maker’s net orders staying positive for the second straight month as airlines get ready for a recovery from the COVID-19 pandemic.

The company’s orders appear to be turning a corner after the coronavirus crisis caused airline customers to cancel hundreds of jets on orders last year, resulting in one of the worst performances for Boeing ever.

Boeing’s net orders turned positive for the first time in 14 months in February as COVID-19 vaccine rollouts boosted the confidence of its customers.

The plane manufacturer said it booked March gross orders of 196 aircraft, all of them for its 737 family of jets. Net of cancellations and conversions, Boeing had 40 jet orders for its 737 planes last month.

Boeing said its March gross orders include previously announced 100 737 MAX orders for Southwest and 24 737 MAX orders for private investment firm 777 Partners and 11 orders for P8 military aircraft.

Turkish Airlines canceled 10 737 MAX airplane orders in March and converted 40 737 MAX jet orders to options.

China’s CDB Financial scrapped 16 737 MAX orders last month and China Aircraft Leasing canceled 26 737 MAX orders.

Alaska Air and United Airlines respectively re-contracted nine and 25 737 MAX orders last month for earlier delivery positions.

Nineteen 737 MAX orders were canceled by unidentified customers in March.

Boeing’s gross orders for the first quarter were 282 airplanes. Net of cancellations and conversions, orders stood at 69 aircraft in the quarter. Adjusted for stricter accounting standards, Boeing’s net orders were 76 airplanes in the first quarter ended March.

Boeing’s official backlog rose to 4054 aircraft orders in March from 4041 orders in February.

The company delivered a total of 77 airplanes in the first quarter, up from 50 aircraft a year earlier. Boeing resumed 787 jet deliveries in late March after halting them for four months due to production defects.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel)

IMF says more vaccine spending is fastest way to shore up public finances

By David Lawder

WASHINGTON (Reuters) – The COVID-19 pandemic will continue to swell global public debt in 2021, but spending more money to accelerate vaccinations is the fastest way to start to normalize government finances, the International Monetary Fund said on Wednesday.

The IMF said in its 2021 Fiscal Monitor report that if faster global vaccinations bring the virus under control sooner, more than $1 trillion in additional global tax revenue could be collected through 2025 in advanced economies.

If that same upside scenario in the Fund’s economic forecasts materializes, global GDP output could increase by $9 trillion during the same period as businesses reopen and hire more quickly, the IMF said.

“Vaccination will, thus, more than pay for itself, providing excellent value for public money invested in ramping up global vaccine production and distribution,” the IMF said in the report.

The IMF and the World Bank during their virtual Spring Meetings this week are urging member countries to keep up fiscal support for their economies and vulnerable citizens and businesses until the pandemic is firmly under control.

The Fund estimated governments have deployed some $16 trillion in pandemic-related fiscal support since the pandemic started through March 17 this year. That includes $10 trillion from additional spending and foregone revenue, and $6 trillion worth of government loans, guarantees and capital injections for businesses.

In 2021, the Fund projects fiscal deficits will shrink slightly in most countries as pandemic-related support expires or winds down, unemployment claims drop and revenues start to recover as businesses reopen.

Average overall budget deficits reached 11.7% of GDP for advanced economies in 2020 — quadruple their 2.9% share in 2019 — but they should narrow to 10.4% in 2021, the IMF said.

Deficits in emerging economies will also shrink slightly in 2021 to 7.7% of GDP for emerging market economies and to 4.9% for low-income economies.

Average worldwide public debt is projected to hit a record 99% of GDP in 2021 and to stabilize at that level after rising slightly from 97% in 2020. For advanced economies, debt will peak at 122.5% in 2021, up from 120.1% in 2020.

The IMF called for more targeted support for vulnerable households, including minorities, women and workers in low-paying jobs in the informal sectors of many economies. More focused support for small businesses was also needed, it said.

But it said some advanced countries with high debt levels may need to start rebuilding fiscal buffers to prepare for future shocks. It said those countries should develop multi-year frameworks for increasing revenues and rationalizing spending, giving priority to investments to fight climate change and reduce economic inequality.

In a Fiscal Monitor chapter released last week, the IMF said advanced economies could use more progressive income taxes, inheritance and property taxes, and taxes on “excess” corporate profits to help reduce inequalities exposed by the COVID-19 pandemic.

(Reporting by David Lawder; Editing by Ana Nicolaci da Costa)

Too soon to say if Britons can take summer holiday abroad, says UK’s Johnson

By Kate Holton, Alistair Smout and Elizabeth Piper

LONDON (Reuters) – British Prime Minister Boris Johnson said on Monday it was too soon to say whether international summer holidays can go ahead this year, a remark suggesting a planned reopening of outbound travel could be pushed back beyond May 17.

Britons are among Europe’s highest spending tourists so the fortunes of the continent’s summer season and the travel industry, hit hard by restrictions imposed on travel because of the COVID-19 pandemic, will depend on when tourists can return to the beaches, cafes and taverns of southern Europe.

Britain plans to use a traffic-light risk system for countries once non-essential international travel resumes, but the government said it was too early to say which countries could be given the green light that would only require coronavirus tests before and after travel.

“Taking into account the latest situation with (coronavirus) variants and the evidence about the efficacy of vaccines against them, we will confirm in advance whether non-essential international travel can resume on 17 May, or whether we will need to wait longer before lifting the outbound travel restriction,” a government review said.

Johnson told a news conference he was hopeful that non-essential international travel would restart from May 17, but that he did not want to underestimate the growing number of COVID-19 cases elsewhere.

“Obviously we are hopeful that we can get going from May 17th, but I do not wish to give hostages to fortune or to underestimate the difficulties that we are seeing in some of the destination countries that people might want to go to,” he said.

British media suggested countries on the green list, requiring testing before and after travel, could include Portugal, Malta, Israel, the United Arab Emirates and the United States.

Under Johnson’s original plan, international travel would not resume until May 17 at the earliest. Countries on the amber list would require self-isolation. Those on the red list would require quarantine.

Airlines such as easyJet, Ryanair and British Airways, plus holiday groups such as TUI, hope to avoid a second lost summer but COVID-19 cases have risen in continental Europe.

Johnson said a planned reopening of the economy could take place next week, with the opening of all shops, gyms, hairdressers and outdoor hospitality areas in England.

VACCINE PASSPORTS

With the vaccine program rolling out rapidly across Britain and infection numbers falling, Johnson said England could proceed to Stage 2 of his roadmap out of lockdown from April 12.

“On Monday the 12th, I will be going to the pub myself – and cautiously but irreversibly raising a pint of beer to my lips,” Johnson said.

Britain said people should continue to work from home where they can and minimize domestic travel.

Johnson also confirmed that the government was looking at a COVID-19 status certification system, or vaccine passport, to help reopen larger events and to travel.

“I want to stress that there are complicated, ethical, and practical issues… raised by the idea of COVID status certification… using vaccination alone,” Johnson said.

“You’ve got to be very careful in how you handle this and … don’t start a system that’s discriminatory.”

People will not need vaccine certification for pubs, hairdressers and shops, Johnson said.

(Editing by Guy Faulconbridge and Timothy Heritage)

Food bank, charities busy in Algarve as pandemic ravages Portugal tourism

By Catarina Demony

FARO, Portugal (Reuters) – Carla Lacerda used to earn a good salary selling duty-free goods to holidaymakers arriving at Algarve airport in southern Portugal, but she lost her job last August due to the COVID-19 pandemic and quickly ran out of cash to feed her two kids.

The 40-year-old now receives around 500 euros ($587) per month in unemployment benefits, leaving her no option but to join the queue for food donations.

“I never thought I’d be in this situation,” Lacerda said as she waited for milk, vegetables and other essential goods at the Refood charity in Faro, capital of the Algarve. “It’s sad I’ve reached this point, but I’m not ashamed.”

Lacerda is one of thousands of people whose lives have been turned upside down by the pandemic, which has ravaged tourism across the sun-drenched Algarve region and left its popular beaches and golf resorts largely deserted.

Algarve’s food bank, which has two warehouses in the region, is now helping 29,000 people, almost double the number before the pandemic.

“It’s the first time since the food bank began in Algarve that the numbers have reached such a level,” said its president, Nuno Alves, as volunteers distributed food to drivers from various charities waiting in their cars outside.

Poverty is spreading across the middle class, said Alves, with people from the crucial tourism sector worst affected. Many businesses have had to shut and some may never reopen.

In February, the number of those registered as jobless in the Algarve jumped 74% from a year ago, more than in any other Portuguese region.

‘GOING HUNGRY’

At the Faro branch of Refood, which collects unwanted food from restaurants and supermarkets and distributes it to the needy, 172 families queue for supplies every week, an increase of some 160% since the pandemic started.

“We help an architect, a teacher, a nurse, a social worker,” said coordinator Paula Matias. “It’s very sad. I’m a mother and I cannot imagine what it’s like not to have a plate of food to give to your children.”

One man in his thirties who requested anonymity told Reuters he had lost his job as a personal fitness trainer to wealthy expats because of the COVID-19 pandemic, which also claimed the lives of his brother and nephew.

He sold everything he had, from his flashy car to a fish tank, to pay the bills, but in January he had to ask for help from community organization MAPS, which now gives him food, and also psychological support after he tried to take his own life.

“I tried to be strong but I couldn’t,” he said. “Government support never arrived and I couldn’t get out of the situation.”

MAPS vice-president Elsa Cardoso said pleas for help continued to rise and that some people who had worked in tourism jobs were now homeless.

“Every day there are more people no longer able to support themselves, who have been evicted,” Cardoso said, adding that it might take a while for things to improve.

Portugal has been under a second strict lockdown since January that is only now gradually being eased.

British retiree Denise Dahl said distributing food to the vulnerable through her own organization ‘East Algarve Families in Need’ had helped her through the grieving process after she lost her husband Terje to COVID-19 in December.

“If I didn’t have this I don’t know what would’ve happened,” said Dahl, who lives in the town of Tavira, adding that the situation in the Algarve continued to worsen.

“With the lack of tourists coming in this year we expect even more families going hungry.”

($1 = 0.8522 euros)

(Reporting by Catarina Demony; Additional reporting by Miguel Pereira and Pedro Nunes; Editing by Andrei Khalip and Gareth Jones)

U.S. consumer confidence hits one-year high; house prices soar

By Lucia Mutikani

WASHINGTON (Reuters) -U.S. consumer confidence raced in March to its highest level since the start of the COVID-19 pandemic, supporting views that economic growth will accelerate in the coming months, driven by more fiscal stimulus and an improving public health situation.

The survey from the Conference Board on Tuesday also showed consumers were fairly upbeat about the labor market, with a measure of household employment rebounding after declining in February. Restrictions on non-essential businesses are being rolled back as more Americans get vaccinated against COVID-19.

That, along with the White House’s massive $1.9 trillion pandemic relief package, has led economists to predict the economy will this year experience it best performance in nearly four decades. The survey showed more consumers intended to buy homes, cars and household appliances over the next six months.

“Consumers finally are fully on board with the pending expansion,” said Robert Frick, corporate economist with Navy Federal Credit Union in Vienna, Virginia. “What remains to be seen is how quickly services industries such as travel and leisure will open up, allowing venues for consumers to release their pent-up demand.”

The Conference Board’s consumer confidence index jumped 19.3 points to a reading of 109.7 this month, the highest level since the onset of the pandemic in March 2020. The increase was the largest since April 2003. Confidence remains well below its lofty reading of 132.6 in February 2020. Economists polled by Reuters had forecast the index would rise to 96.9.

The survey’s present situation measure, based on consumers’ assessment of current business and labor market conditions, soared to a reading of 110.0 from 89.6 last month. The expectations index, based on consumers’ short-term outlook for income, business and labor market conditions increased to 109.6 from a reading of 90.9 in February.

Stocks on Wall Street were trading lower. The dollar rose against a basket of currencies. U.S. Treasury prices were largely lower.

INFLATION WORRIES

The survey’s so-called labor market differential, derived from data on respondents’ views on whether jobs are plentiful or hard to get, rebounded to a reading of 7.8 this month from -0.8 in February. That measure closely correlates to the unemployment rate in the Labor Department’s employment report.

That fits in with expectations for a sharp acceleration in job growth this month. According to a Reuters survey of economists, nonfarm payrolls likely increased by 639,000 jobs in March after rising by 379,000 in February. The government is due to publish its closely-watched employment report for March on Friday.

The share of consumers expecting an increase in income over the next six months rose to 15.5% from 14.8% last month. The proportion anticipating a drop increased to 13.3% from 12.9% in February. More consumers expected to purchase homes, motor vehicles and major household appliances compared to February.

Consumers’ inflation expectations over the next 12 months increased to 6.7% from 6.5% in February.

“Consumers’ renewed optimism boosted their purchasing intentions for homes, autos and several big-ticket items,” said Lynn Franco, senior director of economic indicators at the Conference Board. “However, concerns of inflation in the short-term rose, most likely due to rising prices at the pump, and may temper spending intentions in the months ahead.”

The rise in house-buying intentions suggests demand for homes could remain strong and continue to drive up prices as supply remains tight. The housing market is being powered by demand for more spacious accommodations for home offices and schooling. It remains strong despite a rise in mortgage rates this year.

A separate report on Tuesday showed the S&P CoreLogic Case-Shiller 20-metro-area house price index soared 11.1% in January from a year ago, the fastest in 15 years, after increasing 10.2% in December.

“A wave of eager buyers is being forced to act swiftly and face heightened competition for the few homes available,” said Matthew Speakman, an economist at Zillow. “The combined dynamic is pushing prices upward at their strongest pace in years, and it doesn’t appear that there is an end in sight.”

(Reporting by Lucia MutikaniEditing by Chizu Nomiyama and Paul Simao)

More under-30 Americans report anxiety, depression during pandemic – CDC

By Vishwadha Chander

(Reuters) – More young adults in the United States reported feeling anxious or depressed during the past six months of the COVID-19 pandemic, and fewer people reported getting the help they needed, according to a U.S. government study released on Friday.

The percentage of adults under age 30 with recent symptoms of an anxiety or a depressive disorder rose significantly about five months after the U.S. imposed COVID-19 related lockdowns, and reported rising deaths from the fast-spreading virus.

Between August 2020 and February 2021, this number went up to 41.5% from 36.4%, as did the percentage of such people reporting that they needed, but did not receive, mental health counseling.

The study suggests that the rise in anxiety or depressive disorder symptoms reported correspond with the weekly number of reported COVID-19 cases.

The findings are based on a Household Pulse Survey conducted by the U.S. Centers for Disease Control and Prevention (CDC) and the Census Bureau to monitor changes in mental health status and access to care during the pandemic.

“Trends in mental health can be used to evaluate the impact of strategies addressing adult mental health status and care during the pandemic,” the authors of the study wrote in the CDC’s Morbidity and Mortality Weekly Report released on Friday.

The study also found those with less than a high school education were more at risk, though it did not provide an explanation for it.

Even with more vaccines gaining authorization beginning late 2020, the effects of the pandemic on mental health continued into 2021.

During Jan. 20, 2021 through Feb. 1, 2021, about two in five adults aged over 18 years experienced recent symptoms of an anxiety or a depressive disorder, the survey found.

Demand for mental health and meditation apps, and investments in tech startups building these apps have also risen during this period.

(Reporting by Vishwadha Chander in Bengaluru; Editing by Caroline Humer and Shailesh Kuber)

Biden and Harris shifting focus of Georgia trip after Atlanta shooting rampage

By Nandita Bose

WASHINGTON (Reuters) – President Joe Biden and Vice President Kamala Harris were planning to promote the newly enacted $1.9 trillion coronavirus relief package when they visited Georgia on Friday, but a deadly shooting rampage in the state has changed their plans.

A 21-year-old man has been charged with murdering eight people, including six women of Asian descent, at three spas in and around Atlanta on Tuesday, rattling Asian Americans already grappling with a rise in hate crimes directed at them since the COVID-19 pandemic began.

Biden and Harris will meet community leaders and state lawmakers from the Asian-American and Pacific Islander community to hear concerns about the killings and discuss a rise in anti-Asian hate crimes, White House spokeswoman Jen Psaki said on Thursday.

Investigators said the suspect, an Atlanta-area resident who is white, suggested that sexual frustration led him to commit violence. Numerous political leaders and civil rights advocates have speculated the killings were motivated at least in part by rising anti-Asian sentiment.

Biden has also directed White House officials Cedric Richmond and Susan Rice to engage with the community, Psaki said, and supports recent legislation calling for an expanded Justice Department review of COVID-19-related hate crimes.

Given recent events, “the president and the vice president felt it was important to change the trip a little bit and offer their support and condemn the violence,” a White House official said.

Biden ordered the U.S. flag flown at half-staff at the White House to honor the victims of Tuesday’s shootings.

The Democratic president kicked off the “Help is Here” campaign on Monday to promote his promise of “shots in arms and money in pockets,” after signing the COVID-19 relief bill into law last week, which includes $1,400 stimulus payments to most Americans. Biden has visited Pennsylvania and Harris has been to Nevada and Colorado to tout the benefits of the relief package.

Biden and Harris on Friday will also visit the U.S. Centers for Disease Control and Prevention in Atlanta to receive an update on the pandemic.

They plan to meet as well with Stacey Abrams, a former Georgia gubernatorial candidate, whose get-out-the vote efforts are widely credited with helping Biden carry the state last November and Democrats win two U.S. Senate runoffs in Georgia this year that gave them control of the chamber.

A bill passed by the Republican-controlled Georgia House of Representatives this month would restrict ballot drop boxes, tighten absentee voting requirements and limit early voting on Sundays, curtailing traditional “Souls to the Polls” voter turnout programs in Black churches.

Republicans across the country are using former President Donald Trump’s false claims of voter fraud in the 2020 election to back state-level voting changes they say are needed to restore election integrity.

“Voting rights is something that is on the minds of everyone on that trip,” the White House official said.

(Reporting by Nandita Bose in Washington; Editing by Heather Timmons and Peter Cooney)

U.S. homebuilding takes a step back amid bitterly cold weather

By Lucia Mutikani

WASHINGTON (Reuters) – U.S. homebuilding dropped to a six-month low in February as severe cold gripped many parts of the country, in a temporary setback for a housing market that remains supported by extremely lean inventories amid strong demand for larger homes.

The report from the Commerce Department on Wednesday also showed a sharp decline in building permits last month. It followed on the heels of data this week showing that the deep freeze, which was most severe in Texas and other parts of the densely populated South region, depressed retail sales and output at factories.

Though the second straight monthly decline in homebuilding could lead economists to trim their lofty gross domestic product estimates for the first quarter, a rebound in starts is expected in the April-June period, keeping intact predictions that economic growth this year will be the strongest since 1984.

Indeed, the Federal Reserve on Wednesday projected robust growth and higher inflation this year. The U.S. central bank, however, repeated its pledge to keep its benchmark overnight interest rate near zero for years to come.

“We can read nothing into the underlying strength of the economy from these weather-distorted reports,” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York. “March data are likely to show strong bounce backs in consumer spending, industrial production and construction activity.”

Housing starts fell 10.3% to a seasonally adjusted annual rate of 1.421 million units last month, the lowest level since last August. Economists polled by Reuters had forecast starts would decrease to a rate of 1.560 million units in February.

Starts were down 9.3% on a year-on-year basis in February.

Groundbreaking activity plunged in the Northeast, Midwest and South, but surged in the West. Permits for future home building tumbled 10.8% to a rate of 1.682 million units last month. They, however, jumped 17.0% compared to February 2020, underscoring the housing market’s strength.

U.S. stocks pared losses following the Fed statement. The dollar edged down versus a basket of currencies. Longer-dated U.S. Treasury yields were higher.

RISING CHALLENGES

The year-long COVID-19 pandemic has shifted demand towards bigger and more expensive houses as millions of Americans continue to work from home and remote schooling remains in place.

But challenges for the housing market, one of the main drivers of the economic recovery, are mounting. The 30-year fixed-rate mortgage has risen to an eight-month high of 3.05%, according to data from mortgage finance agency Freddie Mac.

Mortgage rates have jumped in tandem with Treasury yields, which have spiked as investors anticipate that stronger growth will generate significant inflation. Growth is being driven by massive fiscal stimulus, including President Joe Biden’s $1.9 trillion rescue package, which was enacted last week.

A separate report from the Mortgage Bankers Association on Wednesday showed a moderate increase in applications for loans to purchase a home last week. Though mortgage rates remain low by historical standards, they are contributing to the rising costs of homeownership, especially for first-time buyers.

Supply disruptions because of coronavirus-related restrictions are driving up commodity prices, including softwood lumber, which surged a record 79.7% in February on a year-on-year basis. According to a survey from the Associated General Contractors of America, manufacturers have hiked drywall prices by 20% effective late March or the beginning of April.

A survey on Tuesday showed confidence among single-family homebuilders dipped in March, despite strong buyer traffic, amid worries over rising material costs and delivery times, especially for softwood lumber.

With the supply of previously owned homes at record low levels, builders are likely to continue breaking more ground, though houses could become more expensive.

“Builders face some near-term challenges,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Pennsylvania. “We don’t anticipate that this will weigh too heavily on starts, the forecast is for housing starts to steadily increase throughout the course of this year.”

Single-family homebuilding, the largest share of the housing market, declined 8.5% to a rate of 1.040 million units in February, also a six-month low. Single-family building permits tumbled 10.0% to a rate of 1.143 million units.

Starts for the volatile multi-family segment plunged 15.0% to a pace of 381,000 units. Building permits for multi-family housing projects declined 12.5% to a pace of 539,000 units.

Housing completions jumped 2.9% to a rate of 1.362 million units last month. Realtors estimate that housing starts and completion rates need to be in a range of 1.5 million to 1.6 million units per month to close the inventory gap.

The stock of housing under construction rose 0.3% to a rate of 1.283 million units, the highest level since October 2006.

“Builders will continue to have a key role to play in addressing the inventory shortage for a market chock full of eager home shoppers,” said Matthew Speakman, an economist at Zillow. “The homebuilding sector has more room to run.”

(Reporting by Lucia Mutikani; Editing by Paul Simao and Andrea Ricci)