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!