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Housing market crosscurrents

Posted by Scott Van Voorhis July 17, 2009 09:00 AM

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Just call it the battle of the dueling statistics.

As the housing market hits bottom, you can alternately become either extremely depressed or mildly elated depending on what stat you look at.

Just take Thursday, when another gloomy batch of foreclosure numbers was offset by signs of renewed confidence among home builders and a modest rally on Wall Street after a new prediction the recession will end in a matter of months.

On the downer side, RealtyTrac released another of its devastating reports on the foreclosure epidemic.

Across the country, foreclosures are up 15 percent over the first six months of the year. More than 1.5 million properties across the country either received a foreclosure notice was seized by a lender through June.

Nearly a third of all new foreclosure filing now involve fixed rate loans to credit-worthy borrowers, according to the Bloomberg report on the new numbers.

Yet the same day another survey shows a surprising rebound in confidence among home builders, some of the hardest hit of anyone in this current downturn. Confidence among builders is back to where it was in September, when the global financial crisis erupted.

And stocks, while they ended flat, reversed an earlier slide after New York University economist Nouriel Roubini (credited with predicting the financial crisis) predicted the recession will end later this year. He also tempered his remarks by adding a second stimulus of $200 billion to $250 billion might still be needed to broaden a recovery.

Anyway, itís a mixed bag when it comes to housing market/economic news these days.


This blog is not written or edited by Boston.com or the Boston Globe.
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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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