Sept. NAHB Wells Fargo Housing Index
See the HMI chart here.
Concerns about the substantial inventory of new homes for sale and the effects that deepening mortgage market problems are having on buyer demand caused builder confidence to decline for a seventh consecutive month.
The HMI single family home index dropped two points to 20, tying its record low reached in January of 1991.
The Northeast posted a 3 point decline to 26, while the Midwest posted a 1 point decline to 13,
the South posted a 2 point decline to 22, and the West posted a 4 point decline to 18.
The index gauging sales expectations for the next six months fell five points to 26.
Waxing optimistic, NAHB Chief Economist David Seiders:
"We now expect to see home sales return to an upward path by the second quarter of 2008.
We expect housing starts to begin a gradual recovery process by the third quarter of next year. At that point, the market will have substantial growth potential."
Alrighty then Derwood... I got some nice swampland I'd like to sell ya.
Concerns about the substantial inventory of new homes for sale and the effects that deepening mortgage market problems are having on buyer demand caused builder confidence to decline for a seventh consecutive month.
The HMI single family home index dropped two points to 20, tying its record low reached in January of 1991.
The Northeast posted a 3 point decline to 26, while the Midwest posted a 1 point decline to 13,
the South posted a 2 point decline to 22, and the West posted a 4 point decline to 18.
The index gauging sales expectations for the next six months fell five points to 26.
Waxing optimistic, NAHB Chief Economist David Seiders:
"We now expect to see home sales return to an upward path by the second quarter of 2008.
We expect housing starts to begin a gradual recovery process by the third quarter of next year. At that point, the market will have substantial growth potential."
Alrighty then Derwood... I got some nice swampland I'd like to sell ya.
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