New home starts slow as tax credit expires
The new home market will likely not resume healthy function until the considerable overhang of inventory is cleared.
Today, the National Association of Home Builders (NAHB) released their latest Housing Market Index (HMI) showing a notable pullback for all measures as home builders downwardly adjusted their outlook in the wake of the home "buyer" tax credit expiration.
It's important to recognize that although each sentiment index continues to show notable year-over-year increases, each still remains near the lowest levels seen in over 20 years.
The new home market will likely not resume any significant form of healthy function until the considerable overhang of inventory is cleared.
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