This morning came a fresh reminder that foreclosures and anxiety still bedevil the U.S. housing market, despite many investors’ hopes for an imminent rebound.
As KB Home reported a $66 million loss for its fiscal third quarter ended Aug. 31, CEO Jeff Mezger gave this diagnosis: “While tentative indications are that some negative economic trends are slowing or leveling out to varying degrees in certain markets, the ongoing impact of and the potential for increased foreclosures and mortgage delinquencies, higher unemployment, tighter credit standards, and relatively weak consumer confidence make the timing and extent of a sustained rebound still uncertain.”
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Also this morning, the government-backed mortgage investor Freddie Mac disclosed that 3.13% of the single-family loans it owns or guarantees were 90 days or more overdue in August, up from 2.95% in July. No sign of leveling off yet there.
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Earlier this week, the National Association of Realtors reported a 2.7% dip in August sales of previously occupied homes from July’s level, on a seasonally adjusted basis, and Toll Brothers announced a nationwide blue-light special on luxury houses. Unless extended, a tax credit that has spurred sales will end Nov. 30.
KB Home: Reminder that Despite Hopes, Anxiety Bedevils Housing - Developments - WSJ
Just a little out of a bigger article which you can read in full if you click on the link.....it seems the housing mess isn't over yet...even more foreclosures to come, specially with the additional amount of people losing their job
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