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But National Association of Realtors’ chief economist thinks homes sales will remain soft for “months ahead.”
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The S&P/Case-Shiller Indices show a 3.6% gain compared to the same month a year ago.
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NAHB measure of home builder confidence falls to 14 in July.
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Overall reading drops five points to 17.
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NAHB/Wells Fargo monthly Housing Market Index jumps to a reading of 19.
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Reading of 15 returns HMI to January levels; buyer traffic worsens.
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HMI increases 2 points to a reading of 17.
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HMI remains at a reading of 17.
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Housing Market Index shows that builder confidence declined one point.
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But expiring federal home buyer tax credit, low appraisals, and the builder credit market threaten 'fragile' improvements in housing market.
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NAHB/Wells Fargo Index also shows more assurance about future sales and buyer traffic.
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NAHB says housing market and economy are “fragile.”
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The S&P/Case-Shiller Composite Index for 20 metro markets fell by 18.7% over the same month a year ago, exceeding economists’ forecasts.
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HMI rises two points to a reading of 16.

Home price index author sees more volatility ahead
Yale's Robert Shiller is planning to offer investors securities based on housing's risk.
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Builders’ expectations rise dramatically for single-family sales over the next six months.
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Pace remains more than 40% below sales activity one year ago.
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HMI remains at reading of 9.
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HMI rises one point to a reading of 9.
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The NAHB has launched a new barometer of the 55+ market.