Nothing like getting to work on a Monday morning and finding no fewer than four dismal reports on the housing market in my “Inbox.”

It’s not like anyone thought housing recovered over the weekend (that was pretty clear from the precious few “Open House” signs in my neighborhood at least), but the outlook is deteriorating, and we’re just a day away from getting what is expected to be a weak report on existing home sales for May.

Let’s start with home prices from Fannie Mae’s Economics and Mortgage market Analysis Group, which predicts additional home price declines through the third quarter before flattening out at the end of 2011. “Ultimately, the labor market holds the key to a housing recovery, but job growth is needed in order to activate housing demand,” said Fannie Mae Chief Economist Doug Duncan. “Hiring delays will continue to push out timing for the housing rebound.”

Okay, not exactly a shock, but never a good thing to hear analysts say, “growth is stalling.”

Now to a new point about investors, from the May Housing Market report from Campbell/Inside Mortgage Finance, which tracks several indices:

Page 1 of 4 | Next Page
Show Entire Article

Congressional Trading on Advance Info Not Illegal: SEC

Don’t Expect to See Gasoline Below $3 Any Time Soon

New Rules Starting to Add Up for US Brokers

Paulson Hedge Fund Dumps Sino-Forest Stock

Why Europe Is Terrified of the Drachma’s Return

More Top Stories

Article source: http://www.cnbc.com/id/43464682?__source=RSS*blog*&par=RSS

The only thing more cold and gloomy than my pre-dawn live shot here in Seattle this morning was the February housing report from the Department of Commerce.

Housing starts plunged 22.5 percent in February from the previous month, and building permits, which are an indicator of future activity, dropped 8.2 percent.

You can’t blame it all on the weather either, as starts were even down 28 percent out West.

Some of the housing pundits this morning are saying this is all a good thing, as there is still far too much supply on the market, and builders need to sell all that before they start building more, but tell that to a home builder. The real issue now is credit. The big public builders can get some cash from the banks, but they represent barely a quarter of the market. The private builders are in real need now.

“Our view is that the housing market will start to get back on its feet this year,” notes HIS Global Insight’s Patrick Newport. “The forecast, however, hinges on builders being able to access credit. If builders cannot get financing to build new homes, housing will remain in the dumps.”

Here in Seattle, California-based Shea Homes is going in a new direction for financing, tapping private equity, which appears to be far more willing to back private builders than the banks.

Page 1 of 2 | Next Page
Show Entire Article

Global Fears Mount as Japan Takes Desperate Steps to Cool Reactors

Yen Hits Record High on Dollar; Will Central Banks Intervene?

For Japan Tsunami Survivors, Woes Keep Mounting

Mizuho’s ATMs Stop Working Across Japan, Cause Unknown

Central Banks Set to Tighten Despite Japan Crisis

More Top Stories

Article source: http://www.cnbc.com/id/42110876?__source=RSS*blog*&par=RSS