Fasten your seat belts……it’s going to be a bumpy night!
Really, it’s a real estate news update today, with home prices dropping for the 2nd straight month in July, as did Moody’s commercial property price index, and, despite historically low rates, home loan applications fell again, showing that the current housing market is weakening following the expiration of the tax credits.
Additionally, we have the American Institute of Architects’ Architecture Billings Index continuing to show contraction, which indicates that prospects in the next 6-12 months are not great either.
It’s not all bad news though, as August housing starts rose sharply over the previous month, though as the official census figures show, this is just a anemic 2% year over year gain. (PDF)