Did Warm Winter Steal Spring Housing? |
| CNBC.com - Mar 19, 2012 |
As if we really needed a reminder that today’s housing market is still very fragile, the first installment in a slew of housing data to be released this week came in below expectations.
Home builder sentiment, as measured by the National Association of Home Builders’ monthly sentiment survey, was unchanged in March, and February’s reading was revised down.
This after five straight months of gains in builder confidence.
“Many of our members continue to cite obstacles on the road to recovery, including persistently tight builder and buyer credit and the ongoing inventory of distressed properties in some markets, said NAHB chief economist David Crowe in a release.
Most troubling was a big drop in sentiment out West, which is where the bulk of the nation’s foreclosures and distressed properties are. Banks are really ramping up the foreclosure process now that the so-called “Robo-signing” settlement is behind them and new guidelines are in place. That means more foreclosed properties will be hitting the housing market, as the still-swelled pipeline finally begins to empty.
Read Full Article from CNBC.com
- Posted: 2012-03-19 12:50:53
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