A Frightening Omen for the U.S. Housing Market

FILE - In this Wednesday, Feb. 20, 2019, file photo, a construction crew works on an already-sold new home in north Dallas. Homebuyers in some of the biggest U.S. cities are seeing a pickup in the number of homes for sale, especially in the most affordable segment of the market. (AP Photo/LM Otero, File)

By / Josiah Wilmoth, CCN

Monday may not have been an enormous day for economic data, but one release should send a shiver through the housing market.

U.S. construction activity unexpectedly contracted in June. Overall spending fell 0.7% to record its fourth straight monthly decline, blindsiding forecasters who anticipated a rebound of around 1%.