March showed the worst decrease in sales of existing homes in 20 years, according to an AP report just one hour ago. (New home stats are due Friday). Eveybody has several reasons (things to blame) why the problems continue, but the nationwide outlook is bleak through early to mid summer, according to David Lareah, chief economist at the NAR.
The weak housing market is also affecting the stock market, according to a report in MSN money. Here’s what they had to say:
The housing market overall is nowhere near recovery, according to Merrill Lynch economist David Rosenberg. “Practically every home builder has told us that the spring selling has been a dud thus far,” Rosenberg wrote in a daily note to clients.
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