The National Association of Home Builders said its market index declined to 14 in July from 16 in June. That's the lowest level since April 2009.NAHB Chairman Bob Jones stated:
"We continue to see a lull in home buying activity following the expiration of the federal home buyer tax credit program, as many of the sales that would have occurred this summer were likely pulled forward to meet that program's deadline. In addition, builders are reporting continuing consumer hesitancy regarding home purchases due to uncertainty in the overall economy and job markets."
The Florida Realtors will report June sales and prices for existing homes on Thursday, July 22. Given what we’ve seen recently, it doesn’t appear those statistics will be particularly impressive.
Mike Larson, a housing analyst for Weiss Research in Jupiter, concludes:
“With growth slumping again, and unemployment hovering near the double digits, we simply don't have the necessary ingredients for a sustainable recovery in housing."
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