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ECON: Housing Market Index Slightly Weaker Than Expected
Posted to:
Micro News
Tuesday, February 19, 2013 10:10 AM
- Index at 46 vs 48 consensus, 47 last month
- Current Single-Family Home Sales 51 vs 52 last time
- Prospective Buyers Index 32 vs 36 last time
- 6 month outlook 50 vs 49 last time
- Market reaction: mostly "none." The bigger swings in stocks and bonds were 10 minutes before the data and driven by a few quick shots of equities' bullishness. If anything, the weaker-than-expected data gave pause to that momentum, or at the very least, refused to endorse it.
Builder confidence in the market for newly built, single-family homes was virtually unchanged in February with a one-point decline to 46 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.
“Following solid gains over the past year, builder confidence has essentially leveled out and held in the same three-point range over the last four months,” noted NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “This is partly due to ongoing uncertainties about job growth and consumer access to mortgage credit, but it’s also a reflection of the fact that builders are now confronting rising costs for building materials and, in some markets, limited availability of labor and lots as demand for new homes strengthens.”
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ECON: Housing Market Index Slightly Weaker Than Expected
Posted to:
Micro News
Tuesday, February 19, 2013 10:10 AM
- Index at 46 vs 48 consensus, 47 last month
- Current Single-Family Home Sales 51 vs 52 last time
- Prospective Buyers Index 32 vs 36 last time
- 6 month outlook 50 vs 49 last time
- Market reaction: mostly "none." The bigger swings in stocks and bonds were 10 minutes before the data and driven by a few quick shots of equities' bullishness. If anything, the weaker-than-expected data gave pause to that momentum, or at the very least, refused to endorse it.
Builder confidence in the market for newly built, single-family homes was virtually unchanged in February with a one-point decline to 46 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.
“Following solid gains over the past year, builder confidence has essentially leveled out and held in the same three-point range over the last four months,” noted NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “This is partly due to ongoing uncertainties about job growth and consumer access to mortgage credit, but it’s also a reflection of the fact that builders are now confronting rising costs for building materials and, in some markets, limited availability of labor and lots as demand for new homes strengthens.”
If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.