Although the stock market’s Dow Industrials has flirted with an all-time-high for the past several days, and oil has maintained its decline, the housing market continues to look weak. Here are a few highlights from Today’s MarketWatch report:
- “Banc of America Securities said Friday it expects pending home sales to decline between 3% and 4% in August from the previous month after its monthly survey of real estate agents revealed disappointing traffic trends.
- Merril Lynch economist David Rosenberg wrote Friday, “residential construction is officially in recession, as the home-building stocks predicted long ago.”
- A.G. Edwards analyst Gregory Gieber estimates the inventory overhang of new homes in the 190,000 area.
- The Dow Jones U.S. Home Construction Index, which follows housing stocks, is off 28% over the previous 12 months.”
In addition, we’ll find out about pending home sales data on Monday, which should give a good idea of how many of those houses that are on the market have gone under contract.
That’s all for now . . . enjoy the weekend!
Related posts:
- Where is The US Housing Market Going?
- Will the Soft Housing Market Cause Online Real Estate Sites to Crash & Burn
- Mid-September National Foreclosure Update
- Housing showing signs of cooling
- 7 Creative Ways to Market Your Property in a Cold Housing Market
Article Author: Joshua DorkinJoshua has written 570 articles for us.
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Joshua Dorkin (@jrdorkin) is the founder and CEO of BiggerPockets.Mr. Dorkin's vision for BiggerPockets has helped to propel it into becoming one of the top real estate destinations online. His vision for the site and its future has brought national press attention to both Mr. Dorkin and to BiggerPockets.
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