Saturday, April 21, 2007
New Housing Market continues slow slide
The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for April declined three points to 33, its lowest level since December of 2006. (that's all of 4 months -- not such a big deal) Declines were across the board—the Northeast showed a 1 point drop to 38, the Midwest had a 5 point decline to 22, the South went south 3 points to 37, and the West dipped 2 points to 35. Any number over 50 means more builders see sales conditions as good. Blame was laid at the foot of the subprime mortgage industry.