NAHB housing index drops as forward sales fall; foreclosures leading downfall, especially in the South
Housing continues its slouching as home builders report a sharp decline this month in sales six months out together with a small decline in current sales. The component index fell one point to 16, a special disappointment given that the 17 reading in March was a nearly one-year high and pointed to the possibility of building momentum. April's weakness is centered in the largest region which is the South where sales are being hurt by an overhang of repossessed homes.
|Housing Market Index and Single Family Starts|