The dismal set is likely sharpening their pencils at this very moment, readying lower estimates for housing starts and new home sales to be released in the days ahead after this morning’s plunging Housing Market Index from the National Association of Home Builders.
After a brief “sugar high” from this spring’s expiring homebuyer tax credit, the outlook from home builders is back to a level last seen around the middle of “The Great Recession”, casting more doubt on where the U.S. economy is headed during the second half of the year.
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Hey Tim – economists are still optimistic —
Economists say recovery continues, but pace slows
Wow, Econoday is calling the housing sector a “mid-year wasteland” – things must really be bad.
Just the other day, one of the Fed heads said something like, “Housing has become such a small part of the economy, it doesn’t really matter if it declines from here”.Hilarious…………….