"The double dip in housing has caught up to another important player. The National Association of Home Builders/Wells Fargo Housing Market Index dropped sharply in June.
Recently, mortgage application dropped another week-the fifth in a row. The federal tax credit for new and existing home buyers has expired and has not been extended. High unemployment continues to weigh on the buyers market. RealtyTrac says that foreclosures moved above 300,000 for the 15th month in a row.
In related news which indicates that consumers are saving and not buying a single thing, retail sales collapsed last month. People have gone to the mattresses, gone to ground.The National Association of Home Builders reported that its index for June fell to 17 in June, down an extraordinary five points in just 30 days. NAHB Chief Economist David Crowe said
“As today’s HMI data shows, builders still remain very cautious and are aware that several factors could impede the nascent housing recovery, including serious problems in obtaining financing for the production of housing, faulty appraisal practices and competition from short sales and foreclosed properties.”
at http://247wallst.com/2010/06/15/builder-confidence-flags-housing-double-dip/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+typepad%2FRyNm+%2824%2F7+Wall+St.%29
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