Rock bottom mortgage rates aren’t helping the housing market. The NAHBs builder survey numbers were horrible. Current sales were rated at 13 on a scale of 100. Anything below 50 means that the builders say that business sucks. But get this. The “Traffic” measure, which reflects how many looky loos there are in the builders’ sales centers, was at NINE! Which is down from 10 in August, 10 in July, and 13 in June. This portends that sales will be even worse in the next couple of months than they are this month.
I will post charts, along with updated analysis in the Wall Street Examiner Professional Edition Housing update tomorrow.
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