There will be some new housing numbers released this week as well. They are expected to be down again. The homebuyer is still not feeling all that confident about their job prospects. Even low mortgage rates have not been enticing enough. The high-end homes are starting to get some attention again as the markets have bounced back to a degree. That is generally a more important motivator than mortgage rates for the high-end buyer. The existing home market is generally a better indicator for the overall state of the consumer; it will be down again. The hope on the horizon is motivated by the increase in mortgage applications and a generally higher rate for new home permits.
Chris Kuehl, Ph.D., NACM Economist