I was just reading an article by Hanley Wood and I felt a little exerpt of it was more than enough to grasp an idea of what we are facing in these times.
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In March the housing permits decline and the NAHB Housing Market Index (HMI) tied its lowest reading ever recorded in the index's 22-year history.
As you all know the DOW is plummeting, but Leading economic indicators posted slight gains suggesting that the worst of the economic downturn may be behind us.
Price data in May also showed slight signs of rising inflationary pressure with increases in both consumer and producer prices.
National average mortgage rates increased. This is the fourth straight week that rates have increased and the highest rates have been since September 2007.
New homes sales has increased but the market at this pace will require several months to catch up with the availability of new homes, also the amount of homes in the market has increased requiring almost a year of sales at the current pace to level the market.
So resuming the market continues tough, but sales are coming back a little. Not as bad as last report specially for those that are working in Miami since it was even better in Miami last month.
If you want more detailed information on this topic please read Housing Market Key Indicator Alert 6/29/08,By: Hanley Wood at: http://brokeragentpro.com/viewArticle.html?ArticleID=1404In
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