Private residential spending declined in June according to the U.S. Census Bureau as reported on Calculated Risk Blog. The decline, though not dramatic, is probably the portent of an even greater decline in July due to the spring rush to beat the deadline for the Homebuyer Tax Credit.
Many homebuilders—those who remain in business—are either unable to . . . → Read More: Residential Construction Spending Declines in June
Officials from three of the nation’s top homebuilders, Ryland, Meritage, M/I Homes, ranked as number 9, 11, and 16, respectively, have all reported a drop in sales following the expiration of the Homebuyer Tax Credit. At M/I Homes, second quarter sales fell by 21 percent due to a dramatic drop in the May/June numbers, while the . . . → Read More: Homebuilders Surprised by Drop in Sales Following Expiration of Tax Credit
The latest numbers from The National Association of Home Builders/Wells Fargo Housing Market Index shows that builder confidence has once more taken a negative turn. With declining sales following the expiration of the Housing Tax Credit, home builders now realize that there is no sustainable housing recovery, and that the early spring surge was nothing more . . . → Read More: Builder Confidence Turns Down–Again
While the April Report for housing starts sounds positive, the underlying truth is that it’s nothing to get excited about. We’re coming off the worst housing market in decades; it would be surprising if we didn’t see improvement. Let’s put the April housing numbers in context.
Certainly there is some positive news in an increase in housing . . . → Read More: The April Housing Numbers In Context