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News Link • Housing

Foreclosures To Loom Over Housing Market For Five Years

• Bloomberg.com
 
Reports earlier this month showed the housing market is stuck near recession levels even as the broader economy is recovering. Housing permits fell in November to the third-lowest level on record, while starts rose for the first time in three months, the Commerce Department reported Dec. 16. Sales of new and existing homes last month rose less than projected by the median forecast of economists surveyed by Bloomberg, reports from the Commerce Department and the National Association of Realtors showed last week. Figures on Dec. 30 may show pending sales of previously owned homes rose 2 percent in November from the prior month, according to the survey median. The National Association of Realtors’ gauge measures contract signings, which typically lead closings by one to two months. The lack of demand has depressed homebuilding stocks this year. The Standard & Poor’s Supercomposite Homebuilding Index, which includes Toll Brothers Inc. and Lennar Corp., is up 2 percent since Dec. 31, while the broader S&P 500 has increased 13 percent.

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