Ace...the housing industry doesnt share your optimism.
A press release from NAHB this week:
Quote:
BUILDER CONFIDENCE RECEDES FURTHER IN APRIL
Deepening problems in the subprime mortgage market continued to take a toll on builder confidence in April, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The index declined three points to 33 in April, its lowest level since December of 2006.
“The tightening of mortgage lending standards in connection with the subprime crisis has shaken the confidence of both consumers and builders, as reflected in this report,” said NAHB Chief Economist David Seiders. [“Indeed, the unfolding effects of this crisis have compelled NAHB to trim our forecasts of home sales and housing production for both 2007 and 2008,” he said. “While we still expect to see some improvements in housing market activity beginning later this year, the downside risks and uncertainties surrounding that forecast are considerable.”
full press release"
http://www.nahb.org/news_details.asp...34&newsID=4429
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The NAHB/Wells Fargo Housing Market Index (for whatever its worth) has been in steady decline since 2005:
http://www.nahb.org/generic.aspx?sec...cContentID=529
Quote:
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...everyone who has read this thread knows your data does not support your view that the housing market is going into free fall and will have broader ramifications throughout the economy causing further panic and doom.
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Isnt a decline in the HMI from 65 in Sept 05 to 33 in April 07 sorta like a free fall...at least in terms of how builders and potential buyers perceive the market.