Twitches of life in housing
Housing’s been down so long that it’s not hard to imagine it could begin to look like up. A few recent stats give that appearance, as a Wall St. Journal blog points out.
One is existing home sales rising 6.5 percent in December. The inventory of homes for sale has been dropping since July, and fell 13 percent in December.
Still, flatbedders don’t need to start whistling “Happy Days Are Here Again.” With tens of thousands of jobs being shed and lending still tight, housing and everything else faces major hurdles.
The Journal bloggers’ forecasts range from “the dismal condition of the labor market will remain a considerable drag on home sales over the remainder of 2009” to the slightly less pessimistic “encouraging for our expectations of stable housing market in the second half of 2009.”