Today,
the National Association of Home Builders
(NAHB) released their latest Housing
Market Index (HMI) showing a continued pullback or flattening for
all measures as home builders continue to downwardly adjusted their
outlook in the wake of the home "buyer" tax credit expiration.
It's
important to recognize that currently each sentiment index shows
notable year-over-year declines with each still sitting near the lowest
levels seen in over 20 years, a testament to the significance of the
latest pullback.
Further, the "buyer traffic" index is showing
the weakest results pulling back some 37.5% since August of 2009 and
sitting just 3 points above the lowest level ever recorded while
assessments of future activity appear to be on a similar "wipe-out"
trend.
The new home market will likely not resume any significant
form of healthy function until the considerable overhang of inventory
is cleared.
BY SoldAtTheTop
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