I think we can all guess that it won't be on the upswing this month, either. Sales look pretty slow, and they don't seem to be gaining. What started out as sales momentum close to last year seems to be dropping off from the info I'm getting.
" The attitude of most
economists about rising defaults among subprime borrowers, he writes, seems
to be: "The poor are simply too poor to have much of an effect on overall
consumption."
Because these poor are living in $500k homes! I still can't believe the market isn't connecting the dots yet
NAHB -- Traffic of Prospective Buyers Very Bad Since June 2006
Just looked at some details, especially, Traffic of Prospective Buyers. A number below 30 means Very Bad. The value of 31 for Feb'07 was revised down to 29 and March number is 28. This means that this component has been below 30 since June 2006.
Yeah, housing has bottomed. Most Americans suffer from a chronic case of Optimistis, a very bad mental disease for the future. Cautious people have brighter future!
I think we can all guess that it won't be on the upswing this month, either. Sales look pretty slow, and they don't seem to be gaining. What started out as sales momentum close to last year seems to be dropping off from the info I'm getting.
It's different this time
" The attitude of most
economists about rising defaults among subprime borrowers, he writes, seems
to be: "The poor are simply too poor to have much of an effect on overall
consumption."
Because these poor are living in $500k homes! I still can't believe the market isn't connecting the dots yet
NAHB -- Traffic of Prospective Buyers Very Bad Since June 2006
Just looked at some details, especially, Traffic of Prospective Buyers. A number below 30 means Very Bad. The value of 31 for Feb'07 was revised down to 29 and March number is 28. This means that this component has been below 30 since June 2006.
Yeah, housing has bottomed. Most Americans suffer from a chronic case of Optimistis, a very bad mental disease for the future. Cautious people have brighter future!
Jas
The greatest housing/lending bubble in the history of the world will end in a BUST of equal or greater magnitude.
Previous Boom/Bust cycle history is our best guide to the future, and this one is really quite simple in the end.
Buckle up friends.
Even if a small upswing next month does occur, it looks like builder sentiment will remain below the 90-92 recession levels.
Oh no, Mister Bill!
The builders are worried!