So many people are in denial about the recovery of the housing market because they believe the recovery is near. If the homebuilders, the companies that spent hours and hours each day analyzing the market is pessimistic about the market, how can you possibly believe that the bottom is near?
The National Association of Home Builders says its housing market index dropped to 15, a one point decline from May. It’s better than the all time low of 8 in January, but 15 still sucks.
This index consists of opinions from 548 residential developers nationwide, so it’s not like it’s asking some guys off the street. While they believe that while traffic should remain at similar levels, sales expectation is not as good as it was in May.
Still bullish on the housing market? Pretty soon, the builders will be looking for 0 balance transfer credit cards to pay off their debt as well. Ha!
If you are planning to buy a house, be prepared to take a hit financially.