Building Permits in July dropped 17.7% to an annual rate of 937,000 according to the Commerce Department yesterday. It also reported that housing starts for the month were at an annual rate of 965,000, which is 11.0% below the revised June estimate of 1,084,000.
The muni market digested Tuesday's heavy supply in the way analysts expected, H.J. Sims analyst Tim Iltz said.
McKinney, Texas, is fighting a challenge to a refunding of sales tax-backed bonds sold for a commercial airline service project at its general aviation airport.
"Regulatory change in this area is needed without further delay," SIFMA said in a letter.
The drought-stricken Texas city's utility system rating was cut two notches to A, marking a continued downward trend in its credit quality.
Muni advocates are actively working on championing a bill that would address a wish list of provisions designed to boost bond sales.
PFM sees the expansion as a way to strengthen its position.
